Ford Authority

Used EV Prices Plunge By 28 Percent Year-Over-Year

For some time, EVs – like most new vehicles in general – were in short supply and high demand, which sent prices soaring to new recored highs for the better part of three years. However, things have changed dramatically through the first half of 2023, with average transaction pricing falling and inventory swelling as the supply chain has improved significantly. It’s worth noting that EV inventory has grown at a much faster rate than the market as a whole – which Ford brass isn’t worried about – but that has also led to another phenomenon – falling used EV prices, according to new data from Recurrent.

Recurrent recently released the Q3 2023 version of its quarterly Used Electric Car Prices & Market Report, which tracks trends in used electric car pricing and inventories. It found several interesting trends worth lulling over, including the fact that used EV prices have fallen 28 percent compared to July 2022, with much of that drop happening in May. In June, the overall used vehicle market wasn’t immune to this, as it also saw its pricing drop by 4.2 percent, which is the second highest monthly decline in history.

As for why this is the case, Recurrent notes that new vehicles have seen multiple price cuts in recent months, which tends to trickle down to the used vehicle market in general. We must also take into account the arrival of new EV tax credits, as well as the fact that strong demand for new vehicles often softens the used market – when new vehicle inventory dwindled to record low levels, it caused a massive surge in used vehicle prices, after all. Thus, as it always does, the market appears to be in a period of correction.

“The unusual conditions of the past two years, extreme supply constraints, and a very easy lending market, coincided with EVs becoming more mainstream,” Recurrent said in its analysis. “Now, more shoppers than ever want EVs, but affordability – rather than supply – is the constraint. The market is price correcting to meet this demand.”

We’ll have more on the state of new and used EV prices soon, so be sure and subscribe to Ford Authority for continuous Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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  1. Bruce Holberg

    It’s because of EV’s “failure to launch”

  2. steve

    the writing was on the wall. 100K for a F-150 that can travel 75 miles with a 2500 lb trailer before needing a re-charge. Ford dropped prices 10K last week. which means your used EV tanked 10 K too. In three years your 5 year old truck will have a battery that needs to be replaced for 30K and it won’t be available because of new tech. your 5 year old truck will be worth 15K and thats an 85% loss. omg , I never want to own this new tech mess. Ford & slow Joe are trying to catch Tesla that been at it for 21 years. Ford has enough recalls with gas motors much less self igniting Lightings, and EV mach E

    1. Car Owner

      Steve, all of your comments are false. You are a LIAR!

      1. steve

        you have a right to your opinion its still America. Ford just stated EV values have dropped 29% year over year, and they just dropped price up to 10K . thats almost 40% in one year alone. why aren’t they selling ? why are the lots flooded with Mach E’s

        1. wright

          Your correct Mr. Steve. Very few want those useless EV’s.


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