Why Used EV Prices Are Falling

Used EV prices are falling. Studies show that used EV prices fell somewhere around 30 percent in September and October 2023 from the same period in 2022. Used overall vehicle prices including ICE, hybrid and EVs declined by only around 5 percent. It bodes well for buyers, but some say it is yet another sign demand is faltering and that consumers may see EVs as a bad investment. Others say those fears are overblown. Interest rates are high and consumers are pulling back on spending. And despite price drops, EVs are still expensive. Chapters: 2:00 Introduction - Why used EV prices are dropping 2:08 Chapter 1 - What is happening and why 7:33 Chapter 2 - The demand debate 11:05 Chapter 3 - The future Producer: Robert Ferris Editor: Natalie Rice Animation: Christina Locopo, Andrea Schmitz, Jason Reginato Senior Managing Producer: Tala Hadavi Editorial Support: Jeniece Pettitt Camera Support: Shawn Baldwin