Looking for an affordable used car?

You might want to go electric.

The latest research from iSeeCars shows used EV prices fell 15.1% over the past year, while the cost of gasoline and hybrid vehicles dropped just 0.5%.

The analysis of 1.9 million used cars sold from February 2024 to February 2025 found the average price of 1- to 5-year-old used vehicles have stabilized, down less than 1.5% over the past five months. But used EV prices have decreased 15% to 20% each of the past six months, dropping the average 1- to 5-year-old used EV price at $32,198.

That’s just $917 above the price of the average gas-powered vehicle, iSeeCars said.

“With the exception of electric vehicles there are no real price breaks to be found in the 1- to 5-year-old used car market compared to a year ago,” iSeeCars executive analyst Karl Brauer said in an anlaysis. “It’s not easy to find a great deal in today’s used-car market, but if an electric vehicle can serve your personal transportation needs, most used models have dropped substantially in cost over the past year, especially compared to gas and hybrid models.

“If you’re a consumer looking to save money on your next used car you might consider an older, lower-cost model, after a thorough pre-purchase inspection.”

Change in 1- to 5-Year-Old Used Car Prices by Drivetrain
Drivetrain Avg. Price Feb. 2025 $ Price Difference YOY % Price Difference YOY
EV $32,198 -$5,709 -15.1%
Hybrid $29,881 -$156 -0.5%
Internal combustion $31,281 -$153 -0.5%

 

The most popular EV brand —Tesla — took the biggest plunge, with used prices sinking 13.6%, dwarfing the industry average of 0.8. Brauer said that dive was likely a result of Tesla’s new-vehicle price drops, an aging product line and stalling demand in both new and used EVs.

iSeeCars’ study found six of the 10 vehicles with the largest percentage price drop in the 12 months studied were EVs, including three Teslas, the Model S (third, down 16.2%), Model Y (fourth, 15.9%) and Model 3 (sixth, 13.5%). The list was led by the Porsche Taycan, whose average price fell 26.5% year-over-year, and also included the Hyundai Kona Electric (13.4%) and Kia Niro EV (12.3%).

Brauer said used-vehicle prices overall are unlikely to fall this year.

“The average price of 1- to 5-year-old used cars has shifted less than $1,000 over the past year,” he said. “There’s no indication prices will drop from their current levels throughout 2025 and, with tariffs looming, the price of both new and used cars could potentially rise.”

The full study results are available here.