Used electric vehicle prices plummet in Seattle, falling below gas cars

SEATTLE — Many people shop for used cars to save money, but more and more buyers are bypassing used electric vehicles as they shop.

“You used to pay around $40,000 for a 1-5-year-old electric vehicle, now you’re paying around $28,000,” said Karl Brauer, Executive Analyst at iSeeCars.

The drop is even bigger in Seattle.

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An iSeeCars study looked at 2.2 million cars over a 12-month period to track trends in prices.

In Seattle, the average used electric vehicle price dropped more than 25%, or about $8,700.

Topping the list with the biggest drops are the Chevy Blazer and the Chevy Bolt.

“For the first time in our tracking, we noticed in February and just kept going, they fell below the price of traditional cars,” said Brauer.

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At the same time, used gasoline car prices in the city only fell 12%.

“Used buyers are much more likely to be living in multi-unit housing condos or apartments and they probably can only afford one car and I think used electric vehicles just don’t have the appeal for that market that new cars do,” said Brauer.

The electric vehicle market is facing challenges. US electric vehicle startup Fisker just filed for Chapter 11 bankruptcy.

While the price dip for new and used electric vehicles is good for consumers, it will be a frustrating ride for those who bought at high rates and are now seeing the value in that investment drop.