Used Cars in US Are Rapidly Losing Value

Prices of used vehicles across the US market have declined in recent years, with Tesla's witnessing a steeper drop compared to others.

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Tesla Model X. Photo: Tesla.

According to Carscoop, the average price of used cars in the US has decreased significantly compared to previous years. The average price of used cars in the secondary market in the US ranges from 31,000 USD, including gasoline, pure electric or hybrid vehicles.

In 2022-2023, to own a used electric car, customers had to spend around 45,321 USD. However, this year, PHEVs have recorded a price drop of up to 31.8%. Meanwhile, the price of old hybrid cars also decreased slightly, by about 6.5% compared to last year.

The average price of used electric vehicles has now fallen sharply compared to 2022-2023. Photo: iSeeCars.

The results of the analysis of 1.8 million vehicles in the US secondary market by IseeCar show that compared to 2022-2023, the average price of all used car models has decreased significantly. The group of 10 most depreciated used cars in the US includes many notable names such as Tesla Model X, Hyundai Kona Electric, and Mercedes-Benz CLS.

In particular, the price of the used Chevorlet Bolt EV has recorded the strongest depreciation rate. Last year, a used Chevorlet Bolt EV cost around 25,000 USD but this year it is only around 17,891 USD, equivalent to a depreciation of about 30.4%.

Tesla is the car company that has recorded the highest decrease in terms of value because the new car prices of this manufacturer are always more expensive than its competitors. Specifically, the price of the old Tesla Model X has only decreased by 20.4% compared to the previous year, but that is equivalent to 19,919 USD. Thus, the current price of this electric car is only around 60,943 USD.

This comes from a series of price cuts that Tesla has implemented throughout 2023. This has led to a decrease in new car prices, and used car prices have also fallen sharply.

“Elon Musk’s decision to slash prices on Teslas has had a big impact on the electric car market. The value of new cars has decreased, which means that the price of used cars has also decreased. This has spread to all current electric car models on the market,” said Karrl Brauner, an analyst at iSeeCars.

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