The Manheim Used Vehicle Value Index shows that the used electric vehicle market experienced significant fluctuations in 2024, with the used EV value index falling 28% since its peak in July 2022. Meanwhile, the non-EV index declined only 14% over the same period.

“In the second half of 2024, however, the EV index increased by 9.4% while the non-EV index rose by only 4%,” Robb said. “So, it appears used EV values may have found a floor.”

Electric vehicle values were higher in December versus November and stronger than the industry average overall, increasing by 3.4%, while non-EVs fell 0.5% over the same time. Seasonally adjusted EV values for December 2024 continued to show stronger year-over-year depreciation trends, although the declines have slowed in recent months. In December, used EV values at wholesale were lower year over year by 7.6%.

Used EV transactions at wholesale and retail continue to increase, and while the growth rates remain very high, the volumes are still relatively low. In Q4, EV transactions at Manheim increased 59% year over year, similar to the growth recorded in Q3. At the retail level, used EVs have seen strong demand all year. In Q4, retail used EV transactions totaled just over 77,000 units, an increase of 57% year over year to just over – just slightly lower than the year-over-year increase of 63% in Q3.