Summary
- iSeeCars analyzed over 1.6 million one-to-five-year-old used cars listed for sale online to determine which cars have lost the most value
- Prices of used EVs fell by 25%, while prices of internal combustion vehicles fell by 4.4% and hybrid prices fell by 6%
- Used electric vehicles are selling much faster than they did a year ago, averaging about 39 days on the market
- Prices of used cars are gradually normalizing following an explosion in prices during the early stages of the pandemic
- Consider purchasing one of the 15 used cars that lost the most value over the past year for an affordable deal, but be cautious of reliability issues and high car insurance rates
Article
The study conducted by iSeeCars analyzed over 1.6 million one-to-five-year-old used cars listed for sale online between August 2023 and August 2024 to determine which cars have lost the most value on the used market. The findings revealed that on average, the prices of used EVs have fallen by a significant 25 percent, while the average price of used internal combustion vehicles fell by 4.4 percent, and average used hybrid prices fell by 6 percent in the same one-year time period. Additionally, used electric vehicles are selling much faster than they did a year ago, with an average selling time of about 39 days, which is in line with the average time it takes to sell an ICE or hybrid vehicle.
These price drops in the used car market come as a relief following the extreme price hikes seen in the early stages of the pandemic. For those in the market for a more affordable used vehicle, the list of cars that have lost the most value over the past year can offer a good deal on once-expensive models. However, caution is advised when making a purchase, as reliability issues should be taken into consideration. Additionally, the current high car insurance rates could potentially impact the overall cost of ownership.
It is important to keep in mind that fluctuations in used car prices are reflective of market conditions and overall economic trends. The affordability of used electric vehicles compared to internal combustion and hybrid vehicles highlights the increasing popularity of EVs among consumers. With more people opting for electric vehicles, the drop in average prices for used EVs indicates a shift towards a more environmentally-friendly future in the automotive industry.
As prices continue to normalize in the used car market, consumers have the opportunity to find good deals on a wide range of makes and models. By staying informed about market trends and being cautious when making purchasing decisions, individuals can make smart choices when buying a used vehicle. Taking into account factors such as reliability, maintenance costs, and insurance rates can help ensure a positive buying experience and ownership of a vehicle that meets their needs and budget.
Overall, the findings of the iSeeCars study shed light on the changing landscape of the used car market, particularly in relation to electric vehicles. With prices of EVs dropping significantly over the past year, consumers have the opportunity to invest in a more environmentally-friendly option at a more affordable price point. By taking advantage of the current market conditions and considering all relevant factors when making a purchase, individuals can secure a great deal on a used car that meets their needs and budget.
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