Used electric vehicle prices are on the decline in the United States, according to a recent study by iSeeCars. In contrast, the overall used car market is experiencing an increase in prices due to low inventory levels.
In the last month, the average price of a used EV in the U.S. dropped by nearly $3,000, representing an 8.8% decrease compared to the previous year. On the other hand, the average price of all used cars increased by $630 year-over-year, reaching $32,317.
Tesla, a prominent player in the EV market, saw significant price drops in its models. The Tesla Model S sedan experienced a 16% drop in price, making it nearly $9,000 cheaper on the used market compared to the previous year, with an average selling price of $46,503. The Model Y crossover also saw a 14.2% decrease in price, averaging $29,789.
The Porsche Taycan lost $10,998 in value year-over-year, resulting in a 12.7% decrease and an average selling price of $75,644. Despite being more expensive than Tesla models when new, used Taycans are now available for as low as $40,000.
The Tesla Model X and Kia Niro EV also experienced price drops of 8.9% and 6.9%, respectively. iSeeCars Executive Analyst Karl Brauer noted that EVs, especially Teslas, have seen significant price reductions, possibly due to being electric vehicles and carrying the Tesla brand.
Analyzing 2.4 million 1- to 5-year-old used cars sold in May 2024 and May 2025, iSeeCars identified trends in used car pricing. The study revealed that the overall car market is still recovering from the impact of COVID-19, with reduced new car production leading to fewer used cars available for sale in 2025. Additionally, more lease customers are choosing to buy out their vehicles at the end of the lease, further limiting the supply of used cars.
Despite the general trend of EV depreciation, the study found that used EV prices have stabilized in recent months, indicating a balance between supply and demand as more EV models enter the market and consumer acceptance of EVs grows.
To stay informed about industry trends and pricing changes, it is essential for consumers to keep track of market developments and consider factors such as supply, demand, and brand reputation when purchasing a used electric vehicle.