Used electric vehicle prices fell below the average gas car prices in February as EVs continue to lose value faster than the average used gas car, according to the latest study by iSeeCars. 

The study analyzed over 2.2 million 1- to 5-year-old used cars sold in May 2023 and 2024 and found that the average used EV price is down 29.5 percent year-over-year versus 6.1 percent for the average used gas car price. In May 2024, the average used electric vehicle was priced at $28,767, or 8.3 percent below the average gas car at $31,424. These prices show a major turnaround from a year ago, when the average used EV cost $40,783 and the average used gas car cost $33,469.

“There’s no denying the crash in used electric vehicle values over the past year,” said Karl Brauer, executive analyst at iSeeCars. “We’ve watched EVs prices fall between 30 and 40 percent since June of last year, while the average gas car’s price has dropped by just 3 to 7 percent in that same timeframe.”

While electric vehicle values appeared to stabilize at the end of 2023, they experienced a substantial drop this year in February and have continued to decline over the past four months. At the same time, the average used gas car price has shifted by approximately $400 during those same four months.

“It’s clear used car shoppers will no longer pay a premium for electric vehicles and, in fact, consider electric powertrains a detractor, making them less desirable – and less valuable – than traditional models,” said Brauer.

Demand for used gas cars grew during the new-car production shortages brought on by the pandemic. This demand pressure is slowly easing, but with used prices hovering around $31,000 they remain well above pre-pandemic levels.