A Tesla Model S in June was worth $8,768 less than it was in June of 2024. That’s a 15.8% drop. The Model X didn’t fare much better, with its value dropping $9,544 (or 15.5%). The Model Y saw the third biggest decline, falling 13.6% ($4,637).
Used EV market share growth plummeted to just 14.2% in the past year, iSeeCars reports, which is down from a growth rate of 98% in 2024. While prices are falling, people are getting rid of their EVs at a faster pace, too, with supply increasing.
“Electric vehicles have a role to play in the new and used car market,” said iSeeCars Executive Analyst Karl Brauer, “but that role won’t be at the level many government and private EV proponents have been touting for years. Everything from market share to pricing suggests EV demand has peaked and will likely decline in the coming years.”
