The Average Used EV Is 20% Cheaper Than It Was Last Year

It's also almost half as old than the typical used ICE car, with considerably fewer miles.

By Nico DeMattia

Posted on Aug 15, 2024 12:00 PM EDT

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It’s no secret that some steals can be had on the used electric vehicle market. With typically steep depreciation and the customer fear of short battery shelf life, it isn’t uncommon to see surprisingly cheap low-mileage EVs from just a few years ago. According to Edmunds, though, now is an especially good time to buy a used EV, as their values have dropped significantly from last year.

Used car prices in general are down by 6.8% from Q2 2023, so now is a good time to buy a used car of any propulsion. But pre-loved EVs? They’ve dropped a whopping 20.5% from Q2 2023 and an even more shocking 38.5% from Q2 2022. Right now is the best time to buy a second-hand electric vehicle in years, and that’s before factoring in the potential for additional savings available through tax credits for qualifying models.

While used EVs are still more expensive than used internal combustion engine cars, on average, that’s only because the price of new EVs is generally higher. However, the gap between both types of used cars is narrowing. For Q2 2024, the average transaction price for a used ICE car was $27,391, while the average used EV price was $33,787. Jump back just one year to Q2 2023, and those average prices rise to $29,382 and $42,482, respectively.

BMW

To sweeten the deal even further, used EVs are significantly newer, with fewer miles, on average, than used ICE cars. The average used ICE car in Q2 2024 was 4.5 years old with 52,478 miles, while the average used EV was 2.7 years old with 29,430 miles.

However, all of this leads me to one conclusion: Now is my time to buy a BMW i3. Ever since BMW announced the discontinuation of its futuristic-looking blob, I knew my time would eventually come. Sure, the i3 was a disappointment when it was new, due to its high cost and low range, but as a cheap used car, it’s great. For under $12,000, you can get a low-mileage, rear-wheel drive, all-electric hatchback with a carbon fiber chassis, and a spacious interior. Used EV depreciation can’t hit hard enough, if you ask me.

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