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America's Used EV Price Crash Keeps Getting Deeper

Published by Slashdot on Sun, 23 Jun 2024

Long-time Slashdot reader schwit1 shares CNBC's report on the U.S. car market:Back in February, used electric vehicle prices dipped below used gasoline-powered vehicle prices for the first time ever, and the pricing cliff keeps getting steeper as car buyers reject any "premium" tag formerly associated with EVs. The decline has been dramatic over the past year. In June 2023, average used EV prices were over 25% higher than used gas car prices, but by May, used EVs were on average 8% lower than the average price for a used gasoline-powered car in U.S. In dollar terms, the gap widened from $265 in February to $2,657 in May, according to an analysis of 2.2 million one to five year-old used cars conducted by iSeeCars. Over the past year, gasoline-powered used vehicle prices have declined between 3-7%, while electric vehicle prices have decreased 30-39%. "It's clear used car shoppers will no longer pay a premium for electric vehicles," iSeeCars executive analyst Karl Brauer stated in an iSeeCars report published last week. Electric power is now a detractor in the consumer's mind, with EVs "less desirable" and therefore less valuable than traditional cars, he said. The article notes there's been a price war among EV manufacturersand that newer EV models might be more attractive due to "longer ranges and improved battery life with temperature control for charging." But CNBC also notes a silver lining. "As more EVs enter the used market at lower prices, the EV market does become available to a wider market of potential first-time EV owners."Read more of this story at Slashdot.
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