Used car prices are slowly falling as the average model now costs $31,153 which is 3.6% less than a year ago. However, hybrids have been hit harder as they’ve dropped 6.5% in value. Both pale in comparison to electric vehicles, which have seen their values plummet. According to a new iSeeCars study, EV prices have fallen a staggering 31.8% in the past year. The company analyzed over 1.8 million used cars sold in February 2023 and 2024, which were between one and five years old.
” Brands With The Biggest Year-Over-Year Price Changes For 1- to 5-Year-Old Used Cars RankBrandAvg. Used EV PriceY.O.Y Price DifferenceY.O.Y % Price Difference1Tesla$36,515-$14,808-28.90%2Alfa Romeo$28,763-$4,412-13.30%3Maserati$49,200-$4,845-9.00%4Lincoln$45,427-$4,084-8.20%5Volvo$34,588-$2,973-7.90%6Ram$36,995-$3,048-7.60%7Kia$20,615-$1,484-6.70%8MINI$25,123-$1,679-6.30%9Volkswagen$23,862-$1,556-6.10%10Audi$35,775-$2,248-5.90%11Lexus$39,855-$2,293-5.40%12Mazda$24,926-$1,426-5.