The Value of Electric Cars Plummets: Here Are the Models That Have Dropped the Most

Electric Vehicle Prices Plummet as Market Struggles

In a struggling electric vehicle market across Europe and the USA, the resale value of used electric cars has seen a dramatic decline.
Various data sources indicate a consistent trend: used electric vehicle prices are on a downward spiral, driven by weak demand and an overall sales crisis within the European automotive sector.

Two years ago, certain used electric models commanded prices equal to or exceeding those of new vehicles, primarily due to supply chain disruptions.
However, the current landscape is starkly different, with dealerships inundated with unsold electric vehicles.
This surplus has compelled manufacturers to slash prices on new models to boost sales, a strategy that, while effective in the short term, has severely impacted resale values.

Declining Prices and Increased Supply

According to AutoScout24’s AGPI Index, the average price for used electric cars in Italy dropped to €26,485, a 15.9% decrease since 2023.
Similarly, in the USA, the average sales price of a three-year-old electric vehicle fell to approximately $28,400—25% lower than at the start of 2023.

A survey by the Danish company Wayke highlights which electric vehicle models have experienced the most significant value losses in the European market:

• Peugeot e-2008 2022: 47.4% loss after 50,000 kilometers, half its value at 53,940 kilometers.
• BMW i3s 120Ah 2021: 43.1% loss after 50,000 kilometers, half its value at 61,411 kilometers.
• Renault Kangoo ZE Express Maxi 33 kWh 2019: 42.0% loss after 50,000 kilometers, half its value at 63,580 kilometers.
• Nissan Leaf 2022: 39.4% loss after 50,000 kilometers, half its value at 69,300 kilometers.

The Impact of Tesla’s Pricing Strategy

The surge in used electric vehicles has affected market dynamics, with some models seeing value losses between 40% and 50% after just 50,000 kilometers.
A significant influence on this trend is Tesla’s aggressive pricing strategy, which dictates market conditions for other electric vehicles.

For instance, the Tesla Model Y, recognized as the world’s most popular electric vehicle, has recorded a 20.2% drop in average trade-in value in the USA, now sitting at $28,071—$800 less than the average price for all used cars.

As the automotive industry grapples with the transition to electrification, it’s clear that both the new and used electric car markets face ongoing, intertwined challenges.