There’s An Electric Shock In Used Car Prices Which Could Get Buyers A Bargain – SlashGear

According to iSeeCars’ analysis, the average EV now sells in 52.4 days, compared to 49.2 days for other cars. Last year, EVs sold in 37.5 days, showing a notable decline in used EV demand. It is, therefore, no surprise three out of 10 slowest-selling models on the market are electric cars; a list that includes the Kia EV6, Ford F-150 Lightning, and the Polestar 2. On the other hand, three hybrids — one each from BMW, Hyundai, and Toyota — are among the fastest-selling used cars on the market.

When it comes to EVs, Tesla’s Model Y, Model 3, and Model S are among the fastest-selling used electric vehicles. At the same time, the Model 3, Model X, and Model S find a place in the top five list of the electric cars witnessing the biggest price drops. 

It’s quite a dramatic market shift to see Tesla cars in such a position, because not too long ago, old Tesla cars were being flipped for a price higher than that of a new unit. The average deprecation in the price of the entry-level Model 3 stands at 30.5 percent, bringing the price close to $33,500.

According to Brauer, most consumers are still not well-versed in electric car technology. This unfamiliarity being paired with the generally higher prices of EVs is reducing demand, slowing down sales compared to average new gasoline or hybrid vehicles. That said, out of the top 10 quickest-selling new cars, seven are notably hybrids.