Used Porsche 911 Drops $14,000 as Used EV Prices Surge in the US

Full text

Used EV prices rose sharply in the US while overall used market softened.

Tesla models dominated price increases but 911 values dropped by 10 %.

Higher fuel costs due to Iran war may have pushed shoppers back to EVs.

For the past few years, buying a used EV has been a waiting game, with would-be buyers often waiting for prices to fall a little further. That strategy may no longer be paying off. Used electric vehicle prices are climbing rapidly while the rest of the used car market continues to drift in the opposite direction, making dream cars like the Porsche 911 more affordable.

var adpushup = window.adpushup = window.adpushup || {que:[]};

adpushup.que.push(function() {

if (adpushup.config.platform !== "DESKTOP"){

adpushup.triggerAd("0f7e3106-c4d6-4db4-8135-c508879a76f8");

} else {

adpushup.triggerAd("82503191-e1d1-435a-874f-9c78a2a54a2f");

}

});

New data from iSeeCars suggests the turnaround isn’t a one-month anomaly, either. Used EV prices have now posted three straight months of year-over-year gains, moving from a 2.7 percent increase in April to 5.2 percent in May before reaching 7.4 percent in June.

Related: This Is How Much A 17K-Mile EV From A Dead Brand Sells For After 3 Years

That pushed the average price of a one- to five-year-old used EV to $33,305 in June. Compared with the same month last year, that’s an increase of $2,308. Meanwhile, the average used vehicle price fell by 1.3 percent year over year, highlighting just how differently the EV segment is behaving.

var adpushup = window.adpushup = window.adpushup || {que:[]};

adpushup.que.push(function() {

if (adpushup.config.platform !== "DESKTOP"){

adpushup.triggerAd("89c65a14-4682-4807-a4bb-5436c5361bee");

} else{

adpushup.triggerAd("f25825bd-1260-4574-84ce-2b26e315fad8");

}

});

Rising fuel costs may have helped trigger the shift, iSeeCars Executive Analyst Karl Brauer logically suggests. Gasoline prices rose sharply during the Iran conflict earlier this year, but it took several weeks before buyers adjusted their shopping habits and begin gravitating back toward EVs.

Average 1-5 YO EV Prices

Tesla was the biggest beneficiary of the trend. All four of the brand’s core models landed among the 10 used vehicles with the largest year-over-year price increases. The Model X led the entire market, jumping 17.5 percent to an average price of $60,950.

The Model 3 wasn’t far behind with a 13.5 percent increase, while the Model S climbed 13.1 percent and the Model Y gained 12.0 percent. “Tesla makes up nearly half of the top 10 used models with the highest price increase,” Brauer noted.

Perhaps just as telling is what didn’t appear in the rankings. Not a single EV showed up among the 20 used vehicles with the steepest price declines. Instead, that list was populated by a mix of luxury vehicles, pickups, SUVs, hybrids, and conventional gasoline-powered models. The Lincoln Corsair posted the biggest percentage value drop (-14.7 %), but the Porsche 911 was right behind it (-10.6 %), and reminds us that there’s a silver lining to every cloud.

var adpushup = window.adpushup = window.adpushup || {que:[]};

adpushup.que.push(function() {

if (adpushup.config.platform !== "DESKTOP"){

adpushup.triggerAd("bb7964e9-07de-4b06-a83e-ead35079d53c");

} else {

adpushup.triggerAd("9b1169d9-7a89-4971-a77f-1397f7588751");

}

});

Used Cars With The Biggest Price Increases

Rank Model Avg Price $ Diff YoY % Diff YoY

1 Tesla Model X $60,950 $9,066 17.5%

2 BMW X2 $33,956 $5,035 17.4%

3 MINI Countryman $30,535 $4,231 16.1%

4 Ford Mustang (convertible) $32,524 $4,025 14.1%

5 Tesla Model 3 $28,520 $3,388 13.5%

6 Alfa Romeo Giulia $30,320 $3,591 13.4%

7 Tesla Model S $52,787 $6,116 13.1%

8 Honda Pilot $37,301 $4,172 12.6%

9 Tesla Model Y $32,916 $3,529 12.0%

10 Lexus ES 300h $43,057 $4,365 11.3%

11 INFINITI QX80 $48,756 $4,871 11.1%

12 Lexus ES 350 $41,289 $4,102 11.0%

13 Hyundai Santa Fe Hybrid $33,619 $3,255 10.7%

14 Cadillac CT5 $36,613 $3,479 10.5%

15 MINI Hardtop 2 Door $27,428 $2,587 10.4%

16 Acura TLX $35,470 $2,929 9.0%

17 Porsche Taycan $85,147 $6,947 8.9%

18 Nissan Murano $27,917 $2,212 8.6%

19 Nissan Armada $40,513 $3,157 8.5%

20 Lexus IS 300 $36,421 $2,746 8.2%

Overall Average $32,395 -$412 -1.3%

SWIPE

Used Cars With The Biggest Price Drops

Rank Model Avg Price $ Diff YoY % Diff YoY

1 Lincoln Corsair (hybrid) $37,312 -$6,454 -14.7%

2 Porsche 911 $118,025 -$14,063 -10.6%

3 Audi Q5 (hybrid) $36,890 -$3,012 -7.5%

4 Mercedes-Benz G-Class $127,727 -$9,927 -7.2%

5 Audi A5 Sportback $33,495 -$2,495 -6.9%

6 Ford Bronco $45,341 -$2,763 -5.7%

7 Buick Encore GX $21,038 -$1,116 -5.0%

8 Ford F-150 (hybrid) $46,201 -$2,299 -4.7%

9 GMC Sierra 1500 $45,426 -$2,222 -4.7%

10 Nissan Rogue $22,401 -$1,093 -4.7%

11 Audi A6 $34,872 -$1,700 -4.6%

12 Genesis GV80 $44,892 -$1,990 -4.2%

13 Mercedes-Benz GLB $30,863 -$1,355 -4.2%

14 Jeep Wrangler $36,067 -$1,479 -3.9%

15 Volkswagen Atlas $30,149 -$1,044 -3.3%

16 Audi Q5 Sportback $37,189 -$1,276 -3.3%

17 Chevrolet Blazer $26,706 -$878 -3.2%

18 Ford Explorer Hybrid $29,979 -$981 -3.2%

19 Chevrolet Malibu $18,619 -$590 -3.1%

20 Mercedes-Benz S-Class $77,349 -$2,371 -3.0%

Overall Average $32,395 -$412 -1.3%

SWIPE

iSeeCars

var adpushup = window.adpushup = window.adpushup || {que:[]};

adpushup.que.push(function() {

if (adpushup.config.platform !== "DESKTOP"){

adpushup.triggerAd("bb7964e9-07de-4b06-a83e-ead35079d53c");

} else {

adpushup.triggerAd("9b1169d9-7a89-4971-a77f-1397f7588751");

}

});