By Steven Symes 
Yet again, prices for used electric cars have taken a tumble, casting doubt on the future of the market. It’s bad news for anyone looking to sell their EV, while those wanting to unload their hybrid or gas-powered ride are going to fare much better overall.
A police department in Colorado has decided to start chasing stolen cars again.
That’s according to data from iSeeCars, which found used EV prices tumbled 15 to 20 percent each month for the last six months. As a result, the company says the average one to five year-old electric car is worth about $32,000 on the open market, just below $1,000 more than the average gas-powered ride of the same age range.
Conversely, if you’re looking for an affordable used electric car, now might be the time to make your move. Or you could wait and see if values go down more.
While Tesla as a brand saw the biggest drop in used values over the past year, Maserati wasn’t too far behind in second place.
Even more interesting, when it comes to individual model lines, the Porsche Taycan led the field by a lot, seeing a 26.5 percent drop in value year-over-year. Second place when to the hybrid BMW 5 Series at a 16.2 percent decrease.
On the flip side, overall used car prices have largely stabilized. In fact, during the last year, values dropped less than six percent most months, with values dropping under 1.5 percent for the last five months.
It seems used car prices aren’t going to budge much. Karl Brauer, iSeeCars Executive Analyst, believes they might even increase as tariffs do the same. Another factor that’s squeezing the used vehicle market is people buying out their leased rides at the end of the lease term, says iSeeCars.
From our end, we see everyone from big corporations to your average consumer battening down the hatches as it appears economic storms are on the horizon. Many are going with tried-and-true options in times of uncertainty, which means EVs are viewed as luxuries some just can’t afford.
Image via Shan Wij/Facebook Marketplace
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