Electric vehicle sales are slowing down, and the average used electric car price has dropped from $63,069 to $33,645 since September 2022, according to CarEdge. That’s a 47% loss of value in a little over a year and a half.
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Car buyers are already worried about EVs’ high price tags, charging, lack of options and limited driving range, as noted by USA Today. Falling resale values are now causing shoppers to fear that when it comes time to sell, they aren’t going to get much back.
Experts say EV prices are now stabilizing, however. So if you’re looking to buy, you may be able to find EVs at a better price than their gas-powered counterparts. Here are several EVs that recently experienced a huge drop in value.
Tesla Models
Last year, Tesla slashed prices by up to $20,000 on some models, CBS News reported. In March, the company temporarily reduced the price of its top-selling Model Y by $1,000. In April, the automaker again cut prices attached to three of its five models — this time by $2,000. Tesla chief Elon Musk addressed the price changes on social media.
“Tesla prices must change frequently in order to match production with demand,” he stated on X.
According to CBS News, these are the new prices:
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Model Y: $42,990
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Model S: $72,990
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Model X: $77,990
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Ford Mustang Mach-E Trims
Since its launch in 2021, sales of Ford’s Mustang Mach-E — the “Tesla-killer” EV — have not lived up to expectations. A new 2022 Mustang Mach-E was still sitting at one particular dealership in early 2024, CarEdge reported. About 100 new 2022s remain across the nation (even with a $27,000 discount), and roughly two-thirds of all new Mustang Mach-Es on dealer lots are from 2023.
And the moment you purchase the new 2022 model and drive it off the lot, its market value decreases to about $23,420 — a 48% drop in a single day, according to data from CarEdge. “No one should be paying MSRP for last year’s cars in spring or summer of 2024,” CarEdge stated.
Ford F-150 Lightning Trims
In an attempt to offset slower-than-expected consumer demand, Ford cut prices by as much as $5,500 on several models of its F-150 Lightning. Prices on three-out-of-five trims have been reduced, but the base Pro and top-trim Platinum still have their original prices, Car and Driver reported. Here are the new prices attached to other trims:
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Flash model: $70,090 ($5,500 reduction).
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Lariat model: $79,090 ( $2,500 reduction).
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XLT model: $65,090 ($2,000 reduction).
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This article originally appeared on GOBankingRates.com: 7 EVs That Are Plummeting in Value
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