--- title: Used Electric Cars Are 30% Cheaper Than They Were a Year Ago description: Used car prices are much cheaper than a year ago, especially for used Teslas and other electric vehicles (EVs), which are down 30%. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter at Money who frequently writes about news and trends related to car buying, auto insurance and gas prices. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 598 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-07-12T13:00:16.000Z' section: Personal Finance tags: - cars - News word_count: 519 canonical: https://money.com/used-car-prices-cheaper-tesla-ev/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Tesla vehicles sit on the lot for sale at a Tesla car dealership](https://img.money.com/2023/07/News-Used-Car-Price-Drop.jpg) Used car prices have fallen from [last summer’s high levels](https://money.com/used-car-prices-dropping/), especially for buyers in the market for a used [electric vehicle](https://money.com/best-electric-cars/). List prices for used vehicles have declined by 3.6% in the past year, according to [new research from iSeeCars.com](https://www.iseecars.com/used-car-prices-study), and new data suggests there's a strong likelihood that even lower prices are coming soon. Prices for used electric vehicles, meanwhile, are down 29.5% since June 2022, the study found. The average list price for a used EV is now about $41,000, down from about $58,000 a year ago. ## An Extended Car Warranty lets you drive with confidence ### Endurance offers extended protection for your vehicle. Click on your state for a free quote today. [See Details](https://money.com/pr/e1c3e005477f?ap_referrer=%2Fused-car-prices-cheaper-tesla-ev%2F) The decline in used EV prices began last fall and then accelerated in January when [Tesla announced price cuts](https://money.com/ev-price-war-tesla-ford/) for new cars. Used Tesla Model 3 prices fell by [about 20%](https://money.com/used-tesla-prices-gas-powered-cars/) just from September to January. Data from car shopping app CoPilot shows an even higher year-over-year decline in used EV prices, with their analysis finding that prices are down 35% — amounting to a price difference of over $23,000. Used Tesla prices have come down the most, both companies’ data shows, which isn’t surprising given that the EV maker announced [major price cuts](https://money.com/electric-suv-price-cuts-ford-tesla/) for its new vehicles earlier this year. “With Tesla cutting prices on new models its used EV values have tumbled,” Karl Brauer, executive analyst at iSeeCars.com, said in a report. “Because Tesla makes up the bulk of the used EV market the dramatic drop in Tesla values has impacted the entire category.” ## An Extended Car Warranty can protect you against costly repairs ### Endurance offers extended warranties that protect your vehicle for up to 250,000 miles. For a free quote, click below and get started. [See Details](https://money.com/pr/f84a6a706c21?ap_referrer=%2Fused-car-prices-cheaper-tesla-ev%2F) ## What experts say High [auto loan interest rates](https://money.com/best-auto-loan-rates/) are putting downward pressure on prices for the used car market. According to Cox Automotive, used auto loan rates are above 13%, which is even higher than new loan rates of just under 9%. - The average list price for used cars between one and five years old was $32,811 in June, a drop of $1,237 in the past year, according to iSeeCars.com. - Used Tesla Model 3 prices declined the most, with the average list price falling by 30.5% the past year. The average price declined by more than $16,000 as it dropped to about $37,000 in June. - Used car prices could be poised to fall further because wholesale prices just had one of the [largest monthly declines](https://www.kbb.com/car-news/wholesale-used-car-prices-down-more-than-10/) (4.2%) in the history of the major index that tracks them. Wholesale prices reflect what dealers pay at auction, and retail prices usually trend in the same direction with a several week delay. - As far as used EVs prices, they have fallen largely due to the decline in new EV prices. - Gas prices are also down significantly from last summer’s record highs, which means fewer people are considering buying a used EV in order to save money on fuel costs, experts say. - While used car prices are still elevated from pre-pandemic levels, Americans who’ve been waiting for prices to come down are finally seeing it happen. “Shoppers in need of a used car can find deals now, particularly on used Teslas,” Brauer said. ![](https://s3.consumersadvocate.org/prd/image/image/28512/medium_1ae7409e-8425-4103-9204-bfe70b5e6c0b.png) Stop paying for costly car repairs and get an Extended Car Warranty! 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