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in the u.s. market, electric vehicle prices continue to fall in the used car market. this trend, triggered by tesla's price cuts last year, provides a cheaper opportunity to buy used electric vehicles.

but consumers prefer to buy new cars with price cuts rather than second-hand electric cars. therefore, second-hand electric cars can now be bought cheaper than hybrid and internal combustion engine cars. consumers can buy electric cars at more reasonable prices.

according to a report by iseecars, a us auto research organization, the price of used electric vehicles fell six times more than that of internal combustion engine vehicles in the 12 months from 2023 to 2024. the used electric vehicles of the main electric vehicles tesla model 3, nissan leaf, hyundai kona ev, and kia niro ev have decreased by an average of 24.7% in the past year. this is a relatively high drop compared to the 6% of used hybrid vehicles and 4.4% of internal combustion engine vehicles.

average used car prices by fuel type (source = iseecars)

us media analysis believes that: "the decline in electric vehicle prices is balanced with demand, and the sales of used electric vehicles are accelerating, which is worthy of recognition." in the past, the price of new electric vehicles fell sharply, by 30% to 40%, but now it has stabilized at 25%, and sales are also very fast. the average price of used electric vehicles is currently about 27,000 us dollars. it is expected to fall to 25,000 us dollars by the end of this year or the first half of next year. in other words, because the price of pure electric new vehicles has dropped too quickly, the price of used electric vehicles has dropped even faster.

according to the study, the time that a used electric car spends on the market has been reduced from an average of 55.3 days to 38.6 days currently as of september 2023. the time required to sell a used internal combustion engine car and a used hybrid car is similar. this shows that electric car sales are becoming active in the used car market.

figure 15: used electric vehicle impairment rate

in addition, demand for hybrid vehicles remains strong. unlike electric vehicles, hybrid vehicles have remained stable without major price changes. used hybrid vehicle prices have only fallen 6% over the past year. in contrast, used electric vehicle prices have fallen 24.7%, which is a much bigger change.

the transaction price of tesla model 3 is $26,000, down about $8,500 from a year ago. kia niro ev and nissan leaf fell by $6,000 and $4,000, to $22,000 and $16,000, respectively. in addition, cheap second-hand electric vehicles such as chevrolet volt ev and jaguar e-face appeared as products for sale, which also attracted the attention of consumers.

it is worth mentioning that the appeal of tesla model 3 lies in the wide distribution of charging stations and the ability to travel more than 300 miles (about 480 kilometers) on a single charge. software updates have the advantage of continuously improving performance. thanks to these advantages and the decline in used car prices, model 3 is still regarded as an attractive choice for used electric vehicles.