The used car market for electric cars has changed dramatically in recent years. Particularly noticeable: the drop in value of used electric cars, which can be observed in both the USA and Germany. While buyers are benefiting from falling prices, sellers are coming under pressure. A current analysis shows that it is particularly Tesla hit particularly hard - and especially the Tesla Model 3 has lost much of its value.
Used electric cars lose a lot of value
According to a study by iSeeCars used electric cars in the USA have sold around 25 percent of their value within a year. The average price fell from around 32,249 euros in August 2023 to 24,292 euros in August 2024. In comparison, prices for petrol vehicles only fell by 4.4 percent and for hybrid vehicles by 6 percent. Particularly hard hit TeslaThe Model 3 lost in the same period 24.8 percent of its value.
This development is not just limited to the US market. In Germany, too, sellers of used electric cars are experiencing a significant drop in value, especially since the scrapping of the environmental bonus in December 2023. The lack of subsidies led to a drastic drop in new registrations of electric cars, which in turn affected the demand for used cars.
Why are prices falling so sharply?
A major factor in the drop in value is the rapid growth in the supply of electric cars. More and more manufacturers are entering the market, which increases competition and pushes prices down. Added to this is technological development: new models offer improved ranges and charging speeds, which makes older electric vehicles less attractive.
In addition, rising electricity prices and a reluctant charging infrastructure have made potential buyers skeptical. This leads to slower market acceptance and lowers resale values.
Bottom reached? Faster sale of used e-cars
Despite the drop in value, there is also positive news for sellers. The drop in prices seems to have sparked the interest of buyers, as the sales period for used electric cars has shortened significantly. In September 2023, the average sales period was still 55 dayswhile in August 2024 it was only 39 days were.
Experts see this as a sign that prices for used electric cars have now reached an attractive level. Karl Brauer, Executive Analyst at iSeeCarsexplains: "People who have been waiting for a good deal on a used electric car have been rewarded for their patience. Anyone who bought a used electric car a year ago was probably too early, but at today's prices, a used electric car is starting to make sense."
Tesla Model 3 and other affected models
Particularly affected by the loss in value are the Tesla Model 3 other electric vehicles are also affected. In the USA, four of the five models with the greatest loss in value have electric drives:
- Tesla Model 3 - Loss of value: -24.8 percent
- Kia Niro EV - Loss of value: -21.0 percent
- Nissan Leaf - Loss of value: -20.2 percent
- Hyundai Kona Electric - Loss of value: -18.5 percent
These drastic losses in value make it clear that the resale values of electric cars are in a difficult phase. However, this also represents a great opportunity for buyers, who can now enter the world of e-mobility at a reasonable price.
What should buyers of used electric cars look out for?
However, anyone interested in a used electric car should not be guided by the low prices alone. It is important to check the condition of the battery as this can cause the greatest loss of value in electric vehicles. The range and access to a suitable charging infrastructure should be included in the purchase decision.
Buyers should also bear in mind that some older electric cars no longer have the latest software updates or loading speeds which can lead to restrictions in everyday life. Nevertheless, used electric cars can be a cost-effective and environmentally friendly option for those who are prepared to make compromises.
Conclusion: bargains for buyers, challenges for sellers
While the rapid depreciation poses a challenge for sellers of used electric cars, it opens up new opportunities for buyers. In particular, the Tesla Model 3 has lost a lot of value and now offers favorable entry-level prices. However, other models such as the Kia Niro EV and the Nissan Leaf are attractive options for bargain hunters. However, it is important to consider the purchase of a used electric car carefully and weigh up your individual needs against the vehicle's limitations.
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