Price has always been cited by car buyers as a barrier to buying a new electric vehicle.

But when it comes to the used-car market, it’s not a problem at all.

According to the latest research by iSeeCars, the average price of a 1- to 5-year-old used EV is now 11.4% lower than that of similarly aged gas-powered cars and 1.8% below hybrids.

The study, which analyzed more than 1.6 million 1- to 5-year-old used cars sold over the past year, found the average cost for an EV was $26,839 in August, compared to $30,292 for a gas car and $29,759 for a hybrid.

While gas and hybrid prices have held steady around the $30,000 mark during the past year, the average EV price has plummeted 24.7% – almost $9,000 – in that span. In August 2023, EV values were 12.1% higher than internal combustion vehicles.

“The 25% drop in used electric vehicle prices over the past year remains several times higher than gasoline or hybrid cars,” iSeeCars executive analyst Karl Brauer said in the report, “but it’s lower than the 30% to 40% drops we were seeing at the end of 2023 and first half of 2024, suggesting average used EV prices might soon stabilize around $25,000.”

The study also noted used EVs have been selling faster as their prices have fallen, and, not surprisingly, the decrease in EVs’ time to sell has outpaced that of gas vehicles and hybrids, to the point that all three are now nearly identical.

“Used electric cars have dropped from an average of 55.3 days in September 2023 to 38.6 days in how long they take to sell,” Brauer said. “That’s a bigger drop than gasoline or hybrid cars, with all three vehicle types now taking the same time to sell on average. This indicates solid demand for used EVs — if they are priced 8% to 11% below hybrid and gasoline vehicles.”

iSeeCars said five of the six models overall that lost the most value over the past year are EVs, led by the Tesla Model 3, down 24.8% to $25,931 at the top of the list. It’s followed by the Kia Niro EV, the gas-powered Maserati Levante, the Nissan LEAF, the Hyundai Kona Electric and the Chevrolet Bolt.

“People waiting for a good deal on a used electric car have been rewarded for their patience,” Brauer said. “If you bought a used EV a year ago you probably bought too soon, but at today’s prices a used EV is starting to make sense — assuming your lifestyle and vehicle needs line up with the benefits and limitations of an EV.

“Used car shoppers waiting for a big price drop in traditional gasoline vehicle values have been disappointed, and forced to either wait longer or buy a used car at a higher price than they anticipated.”

The full study is available here.