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Study Shows Average Price of EVs Fell 31.8% in Past Year

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Evs,Electric Vehicles,Internal Combustion Engine Vehicles

A recent study revealed that the average price of electric vehicles (EVs) decreased by 31.8% in the past year, compared to a 3.6% decrease for internal combustion engine vehicles. This rapid depreciation rate may discourage car buyers from choosing EVs over traditional vehicles.

A recent study showed that the average price of an EV fell 31.8% in the past year compared to just 3.6% for internal combustion engine vehicles. The fast depreciation rate could dissuade car buyers from choosing EVs over combustion engine vehicles.A car loses value as soon as you drive it off the lot, but electric vehicles are taking this adage to a new level. That's becoming a major barrier to wider adoption, according to some industry and investment experts.from iSeeCars.

com showed the average price of a 1- to 5-year-old used EV in the U.S. fell 31.8% over the past 12 months, equating to a value loss of $14,418. In comparison, the average price for a comparably aged internal combustion engine vehicle fell just 3.6%. While lower used EV prices could increase their desirability to some buyers, they can also reduce demand for new electric vehicles, according to Karl Brauer, executive analyst at iSeeCar

 

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