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. The results showed a “general softening of used car prices overall, but a dramatic drop in used electric vehicle prices.”
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