The prices for used electric vehicles are soaring. iSeeCars research finds prices of battery-electric vehicles (BEVs) rose 54.3%, while used internal-combustion-engine (ICE) vehicle prices rose 10.1%.
Prices jumped 54.1% in January 2021 over January 2021 and have remained high ever since. In comparison, ICE-powered vehicles rose 36.3% over the same period. EV prices soared as gasoline prices spiked and ICE vehicle inventories plummeted.
The iSeeCars study shows a wide range of EVs had significant price increases, including the Nissan Leaf extended-range electric vehicle and Tesla models.
Early adopters tend to be households with sufficient wealth and confidence in the economy. Once supplies increase and early adopters get into the EVs they want, prices should start to fall, iSeeCars Senior Analyst Karl Brauer told Wards Auto.