Used Car Prices: Tesla and Porsche Taycan Experience the Largest Declines | Carscoops

      While Tesla prices have significantly decreased, the Porsche Taycan experienced the largest decline overall.

      15 hours ago

      by Michael Gauthier

      A recent study indicates that used electric vehicle (EV) prices have fallen by 15.1% from last year.

      The prices for used Tesla EVs dropped 13.6% in 2024, averaging $32,198.

      On a model-specific basis, the Porsche Taycan experienced the steepest decline, losing 26.5% of its value.

      If you're considering purchasing a used car, there's positive news as research found that the average price for a 1- to 5-year-old used vehicle stands at $31,257. This reflects a decrease of $239 compared to the previous year, resulting in a modest drop of 0.8%.

      However, if you are in the market for an EV, now might be the time to celebrate. According to iSeeCars' latest research, the price of a late-model used electric vehicle has decreased by 15.1% from a year ago.

      This means the average cost of a 1- to 5-year-old EV is $32,198, which is $5,709 less than last year and slightly above the $31,281 average price of a gas-powered vehicle.

      Tesla experienced the largest price drop, with their average used vehicle price falling to $31,733, a decline of $5,013, or 13.6%. Maserati recorded a larger decrease of $5,208; however, this is only a 10.6% drop from the previous year. Chrysler also saw their used vehicles drop by $2,058, or 7.6%, compared to last year.

      Top 10 Brands With the Largest Price Drops

      iSeeCars attributed the significant declines in Tesla prices to multiple factors including reductions in new vehicle prices, an aging product lineup, and diminishing demand for both new and used EVs. Additionally, it is noteworthy that Elon Musk's political stance has seemingly alienated some customers, impacting Tesla’s attractiveness.

      Despite this, it has been noted that “used car prices have largely stabilized.” This includes EVs to some degree, as “used electric vehicle prices were decreasing by around 30% each month in the first half of 2024, but over the last six months, they have fallen between 15% and 20%.” Although this is still not ideal, there are signs of improvement.

      In comparison, used gasoline and hybrid vehicle prices saw a minor decline of only 0.5% from last year, which amounts to just $160.

      Change in 1- to 5-Year-Old Used Car Prices by Powertrain 2025 vs. 2024

      In light of this, iSeeCars Executive Analyst Karl Brauer stated, “Finding a great deal in today's used car market is challenging, but for those needing an electric vehicle, many used models have substantially reduced in cost over the past year, especially in comparison to gas and hybrid options.”

      Unfortunately, the outlook seems bleak as Brauer mentioned, “There’s no sign that prices will decrease from their current levels throughout 2025, and with tariffs on the horizon, the prices of both new and used cars could rise.”

      While this is disappointing, you can still save money by choosing specific vehicles. The BMW 5-Series Hybrid, Porsche Taycan, and Tesla Model S had the most significant price reductions. Notably, the Taycan saw a remarkable drop of 26.5% ($26,626) from a year ago, but a used one would still cost around $73,976.

      Top 10 Used Cars With the Largest Price Drops

      Used EVs With the Largest Price Drops

      Used Hybrid Pricing