Used EV prices drop below gas-powered cars, mainly due to Tesla's price cuts and a surplus of unsold EVs.
Used electric vehicle (EV) prices have sharply declined, now averaging lower than used gas-powered cars, a significant change from earlier in 2023. This shift is largely due to Tesla's price cuts and a surplus of unsold EVs, resulting in a 25% drop in prices for three-year-old EVs. While this makes EVs more accessible to budget shoppers, it poses challenges for current owners with loans exceeding their vehicles' worth. Automakers are also offering incentives to stimulate sales.
October 14, 2024
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