Wholesale Used Vehicle Prices Drop 9 Percent, EVs Show Most Decline

Of the top 10 used car models that had the largest price decline from May 2023 to May 2024, eight were electric vehicles.

A seller shows the dashboard of the Tesla Model S car at the electric carmaker Tesla showroom of El Corte Ingles store in Lisbon, on Sept. 1, 2017. Patricia De Melo Moreira/AFP via Getty Images

The prices of used electric vehicles are plunging at a faster pace than their gas counterparts amid an overall decline in wholesale used car prices, according to a recent analysis by Cox Automotive.

The Manheim Used Vehicle Value Index, an indicator of pricing trends in the used vehicle market, declined by 8.9 percent in June from a year prior, says a July 9 Cox press release.