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February marked the first timed that prices of used electric vehicles were lower than those of gas-powered cars and trucks\u2014and the gap has been growing ever since, which could give the category a boost with consumers.<\/p>\n
A study by iSeeCars<\/a> of 1- to 5-year old vehicles found that the average used EV price in May was down 29.5% year-over-year, versus 6.1% for the average used gas car. And the month-over-month differences show just how sudden the shift has been.<\/p>\n Last June, an EV cost an average of $8,201 more than a gas car\u2014a 25.1% difference. By February of this year, EVs were $265 cheaper than gas cars. And in May of 2024, the average price difference stood at -$2,657, with EVs being 8.5% cheaper than gas cars.<\/p>\n Gas car prices in that time frame have been largely stable, hovering in the $30,000-$32,000 range. Used EVs, by comparison, have dropped from an average of $40,916 in June 2023 to $28,767 last month.<\/p>\n The drop in used prices comes as consumers see\u00a0price cuts from companies such as Tesla<\/a>\u00a0and\u00a0Ford<\/a>\u00a0on their new electric models. In addition, new tax credit policies<\/a>\u00a0are knocking as much as $4,000 off the sticker price of used EVs at the point of sale.<\/p>\n Experts, though, says the cheaper prices aren\u2019t increasing sales<\/a>\u2014and they don\u2019t expect that to change until the charging infrastructure in the U.S. is significantly improved.<\/p>\n The cooldown in EV sales overall has prompted some manufacturers to back away from their goals<\/a> of becoming all-electric by the end of the decade.<\/p>\n Here\u2019s a look at the used cars that have seen the biggest 12-month price drops, according to iSeeCars.<\/p>\n Jaguar I-PACE Chevrolet Bolt EV Hyundai<\/a> Kona Electric Kia<\/a> Niro EV Nissan<\/a> LEAF Tesla<\/a> Model 3 Tesla Model X Jaguar E-PACE Tesla Model S Maserati Levante
<\/strong>Price\/percentage difference: -$14,053\/ -30.1%<\/p>\n
<\/strong>Price\/percentage difference: -$7,041\/ -28.0%<\/p>\n
<\/strong>Price\/percentage difference: -$7,780\/ -26.5%<\/p>\n
<\/strong>Price\/percentage difference: -$7,561\/ -24.8%<\/p>\n
<\/strong>Price\/percentage difference: -$5,546\/ -24.0%<\/p>\n
<\/strong>Price\/percentage difference: -$8,932\/\u00a0 -23.9%<\/p>\n
<\/strong>Price\/percentage difference: -$13,690\/ -18.8%<\/p>\n
<\/strong>Price\/percentage difference: -$5,658\/ -16.9%<\/p>\n
<\/strong>Price\/percentage difference: -$10,399\/ -15.8%<\/p>\n
<\/strong>Price\/percentage difference: -$8,991\/ -15.5%<\/p>\n<\/div>\nSubscribe to the Fortune Next to Lead newsletter to get weekly strategies on how to make it to the corner office. Sign up for free<\/a> before it launches on June 24, 2024.<\/div>\n