7 EVs that are plummeting in value

Electric vehicle sales are slowing downIt is the average price of a used electric car fell from US$63,069 to US$33,645 since September 2022, according to CarEdge. This represents a 47% loss in value in just over a year and a half.

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Car buyers are already concerned about EVs’ high prices, charging, lack of options and limited range, as noted by USA today. Falling resale values ​​are now causing buyers to fear that when the time comes to sell, they won’t get much in return.

However, experts say EV prices are now stabilizing. So if you want to shop around, you can find electric vehicles at a better price than their gas-powered counterparts. Here are several EVs that have recently seen a huge drop in value.

Tesla models

Last year, Tesla reduced prices by up to $20,000 on some models, CBS News reported. In March, the company temporarily reduced the price of its best-selling Model Y by $1,000. In April, the automaker again reduced the prices of three of its five models – this time by $2,000. Tesla boss Elon Musk addressed the price changes on social media.

“Tesla prices must change frequently to match production with demand,” he said in a statement. X.

According to CBS News, these are the new prices:

• Model Y: $42,990

• Model S: $72,990

• Model X: $77,990

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Ford Mustang Mach-E finishes

Since its launch in 2021, sales of Ford’s Mustang Mach-E – the “Tesla killer” EV – have failed to live up to expectations. A new 2022 Mustang Mach-E was still at a specific dealership in early 2024, CarEdge reported. About 100 new 2022s remain nationwide (even with a $27,000 discount), and about two-thirds of all new Mustang Mach-Es on dealer lots are 2023s.

And by the time you buy the new 2022 model and take it off the lot, its market value drops to about $23,420 — a 48% drop in a single day, according to data from CarEdge. “No one should pay MSRP for last year’s cars in the spring or summer of 2024,” CarEdge said.

Ford F-150 Lightning Trims

In an attempt to compensate for slower-than-expected consumer demand, Ford has cut prices by up to $5,500 on several models of its F-150 Lightning. Prices for three of five trims have been reduced, but the base Pro and top-trim Platinum still have their original prices, Car and driver reported. Here are the new prices associated with other finishes:

• Flash Model: $70,090 ($5,500 reduced).

• Lariat model: $79,090 ($2,500 reduced).

• XLT model: $65,090 ($2,000 reduced).

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