New electric cars are cheaper than ever, and a robust used market is finally giving prospective buyers budget options. That’s good news for EV adoption overall, but frustrating for owners who bought EVs at high prices and are seeing their cars lose value at alarmingly high rates in the resale market.
“Last year was really marked in terms of price declines…that burns people that already bought [an EV],” Jeremy Robb, a senior director at Cox Automotive, told Fortune. “Unless you leased [your EV], you’ve lost a lot of money on your asset, and that’s going to put a very bad taste in your mouth.”
New data from EV battery analysis and research firm Recurrent found used EV prices for leading models fell 27% year-over-year as of this month, with some models selling for as low as $10,000. For the first time, prospective buyers are awash with budget options, and many used EVs are roughly as cheap as comparable gas-powered cars.
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