Used EV Prices Plummet, And It’s Not Just Tesla: Audi, Ford, VW Impacted
Over the course of just the first quarter of 2023, prices on the used electric car market have dropped notably. While we’ve heard and shared a lot about Tesla’s drop in resale values, some of the top honors at this point go to Audi, Ford, and Volkswagen.
When Tesla dropped its prices significantly to open 2023 with a bang, there were many warnings about how the price cuts would impact the automotive market as a whole. Not only has the situation caused turmoil among EV brands across the globe, but also the automotive space in general, and especially the used market.
Tesla’s used EVs were sometimes selling for more on the used market than they were new since people couldn’t get a new Tesla quickly enough. People were even buying Tesla EVs, driving them for a year or so, and turning a profit by selling them or trading them in. However, when the company cut its prices and started delivering new models more quickly, everything changed.
Fast-forward to the present, and new data for iSeeCars shows that prices are finally coming down on the used market. During Q1 2023, the Audi e-tron SUV saw the biggest price difference change between the new and used market, with lightly used models dropping by nearly 28% when compared to new models. This means used buyers can snag a used e-tron for about $23,000 less than a new model. According to the publication, used e-tron SUVs averaged about $59,000 in Q1 2023.
If you don’t want to pay luxury prices for a used electric SUV, you’re in luck. iSeeCars notes that the Volkswagen ID.4 saw a drop of over 20% for the quarter, with used copies saving buyers some $10,000 compared to new versions. The ID.4’s average selling price on the used market for the quarter was just over $39,000.
How about something sportier and perhaps more of a true Tesla rival? Lightly used versions of the Ford Mustang Mach-E are down over 21% compared to new units. This marks a $13,430 discount for used EV shoppers. However, the average selling price of the used Mach-E is still up at around $50,000.
Which used EV would you buy? Leave us a comment below.
