Even as overall used car prices stabilize, used electric vehicle prices are collapsing, according to a study from ISeeCars.

June saw used EV prices drop 29.5% from a year earlier, after falling 28.9% in May, 24% in April, and 16.8% in March. iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars to identify the latest used car pricing trends.

“A year ago, used EV prices were on the upswing, rising faster than the average used car,” said iSeeCars Executive Analyst Karl Brauer. “Electric vehicle prices are now falling at nearly 10 times the rate of the average used vehicle, reflecting a clear shift in EV supply and demand.”

The top models with the largest price drops include six hybrid and electric vehicles, led by Tesla’s models. “Tesla occupies three of the top four slots in used car price drops, with Nissan’s LEAF rounding out the top four and confirming the market’s shift away from older, high-volume electric vehicles,” said Brauer. “With so many newer EVs entering the market over the past two years cars like the Model 3, X, S, and LEAF are looking less competitive and less compelling.”

“Vehicle prices are in a free-fall, dropping 15.7% since January and by an increasing amount every month so far in 2023,” said Brauer. “With Tesla cutting prices on new models its used EV values have tumbled. And because Tesla makes up the bulk of the used EV market the dramatic drop in Tesla values has impacted the entire category.”