Electric vehicles were all the rage over the last few years, but the current appears to be flowing in the opposite direction now. In February, used EVs were, on average, $265 lower than used gas cars according to a new study. In May, that price difference grew to $2,657. That marks a seismic shift in pricing trends when compared to last year.
The study in question considered 2.2 million vehicles aged one to five years old sold in May of 2023 and 2024. Notably, heavy-duty vehicles, low-volume vehicles, those discontinued for 2023 and after, and those in production for less than four model years aren’t included. That means that anomalies like the Fisker Ocean don’t affect these figures.

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Severe Depreciation Now Makes Used EVs Cheaper Than ICE Counterparts

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