Many car buyers wonder how electric vehicles will hold their value over time.
Prices are all over the place given how battery tech depreciates and changes, and the overall used car market makes it difficult to pinpoint exactly what will happen to values. The average price of a used EV was about $32,750 in December, according to Recurrent's index of popular used EV models.
Industry experts at iSeeCars.com pulled data on the average list price for several used electric cars that were 1 to 5 years old. (Note: Data is limited by how long the EV has been on the market, and listing price does not necessarily mean final transaction price.) Insider featured 16 of the most popular EV models with data for at least 2021, 2022, and part of 2023.
For example, in 2020, used Jaguar I-PACE SUVs between 1 and 5 years old were listed for $39,777 on average. So far in 2023, used Jaguar I-PACEs (in that same age range) were listed for $35,943 on average, marking a 9.6% decrease in listing prices for those cars over the past three years.
Used Volvo XC40 Recharge SUVs in that age range saw the largest percent decrease in their average listing price since 2021 at a whopping 36%.