Tesla Prices Defy EV Market

Prices of all four Tesla models are rising in the used-car market despite a decline in pricing for nearly every other used electric vehicle, according to iSeeCars.com. 

The car search engine and research provider analyzed pricing trends from the end of the EV tax credit in October to January, excluding Tesla data for new cars because it wasn’t yet publicly available. It found that used Tesla asking prices are up 4% while the rest of the used EV market is down almost 4%. Similarly, new EV prices are down overall, but new Tesla prices are up. 

“When looking at new and used EV price shifts, it seems clear manufacturers and dealers are trying to offset the loss of the EV credits with lower prices on mainstream models,” said iSeeCars Executive Analyst Karl Brauer. “But Tesla pricing has proven resilient, rising while nearly every other electric vehicle price has fallen since the EV credits went away.”

When comparing the average asking price of 1- to 5-year-old used EVs versus used internal-combustion vehicles, it found that ICE car prices dropped while EV prices rose. A closer look showed that Tesla was the main driver of the EV price increase.

Aside from Tesla, the only used EV with a price increase is the Porsche Taycan, whose price rose just over 4%. 

At the same time, there was a 20% decline in used-EV market share from September through January, a sharp contrast to the same period a year earlier, when there was a 19% increase. 

“While used electric vehicle market share was growing by almost 20% a year ago, it’s fallen by the same amount in recent months, suggesting a major shift in consumer interest for used EVs,” Brauer said.

In the new-car market, the price of EVs, excluding Tesla, was down 2% while ICE vehicle prices rose almost 3%, indicating a demand for gas-powered vehicles, according to iSeeCars.