While used car values have been dropping overall over the past year, used EVs have dropped like a stone in comparison. iSeeCars found that the average for used electric models fell by up to almost 32 percent since 2023, while the used gas vehicle average price sank by just 3.6 percent.
When did they start giving credits on used EVs? I bought one around 7 years ago and the credit was for new cars only. That credit was part of the reason why the used values tanked, because the state recaptured the credit through excessive registration fees. My annual registration was 3x higher on my EV than my gas car.
This year there is a 4k credit on used evs 2022 or older in the US. Some states have equal or greater rebates, you can get up to 9k off in some places. It's wild and there's going to be a LOT of savvy lower income people reducing their transportation costs in the next year.
That's awesome! I sure wish that would have been available when I bought my car. I loved the car, but I lost over half its value in the 2.5 years I owned it, which is unprecedented for certified pre-owned recent model cars.