(iSeeCars) - While used car prices continue to drop from their COVID-era highs, used electric vehicle prices are dropping much faster. Used EVs prices have fallen four times faster than hybrids and six times faster than gasoline models, losing 24.7 percent of their value over the past year. This compares to a 6 percent drop in used hybrid prices and 4.4 percent drop in used gasoline prices, according to the latest iSeeCars study. The study analyzed the pricing trends of over 1.6 million 1- to 5-year-old used cars sold in August 2023 and 2024 to determine the difference in market values between used gasoline, hybrid, and electric vehicles. Used Electric Vehicle Prices Are Much Lower, But They’re Selling Faster “The 25 percent drop in used electric vehicle prices over the past year remains several times higher than gasoline or hybrid cars,” said Karl Brauer, iSeeCars Executive Analyst. “But it’s lower than the 30 to 40 percent drops we were seeing at the end of 2023 and first half of 2024. And the substantial drop in EV prices over the past year appears to have brought them in line with demand, with used EV days-on-market much lower today, reflecting a faster selling rate compared to a year ago.” While used EV prices continue to fall, used hybrid and gasoline cars are showing remarkable stability. Both vehicle types are holding stable at around $30,000, while used electric vehicles fell below $27,000 for the first time last month. “The used car market clearly couldn’t support electric vehicles priced in the mid- to low-$30,000 range,” said Brauer. “But with used EV prices showing smaller declines in recent months it’s possible these cars will stabilize somewhere around $25,000.” Average Prices of 1- to 5-Year-Old Gas Cars, Hybrids and EVs: Sept. 2023 - Aug.2024 - iSeeCars StudyMonthUsed Gas Car PriceUsed Hybrid PriceUsed EV Price% Price Difference: Hybrids vs. Gas Cars% Price Difference: EVs vs. Gas CarsAugust 2024$30,292$29,759$26,839-1.8%-11.4%July 2024$30,484$29,652$27,236-2.7%-10.7%June 2024$30,715$30,412$28,595-1.0%-6.9%May 2024$31,421$30,778$28,767-2.0%-8.4%April 2024$31,389$30,841$29,066-1.7%-7.4%March 2024$31,013$30,806$29,925-0.7%-3.5%February 2024$31,169$30,489$30,904-2.2%-0.9%January 2024$31,689$30,841$33,275-2.7%5.0%December 2023$29,789$29,934$33,5720.5%12.7%November 2023$30,116$30,417$34,2751.0%13.8%October 2023$30,906$31,511$34,9942.0%13.2%September 2023$31,144$31,679$34,9261.7%12.1% Used Cars Are Selling Faster Across All Vehicle Types While price remains the primary metric for measuring demand, the speed at which cars are selling also reflects the market’s appetite for used cars. All three vehicle types (gasoline, hybrids, and electric cars) are selling faster today than they did a year ago. This suggests an increase in used vehicle demand, with the EVs seeing the biggest increase in time to sell. “Used electric cars have dropped from an average of 55.3 days in September 2023 to 38.6 days in how long they take to sell,” said Brauer. “This is a bigger drop than gasoline or hybrid cars, with all three vehicle types now taking the same time to sell on average. This indicates solid demand for used EVs – if they are priced 8 to 11 percent below hybrid and gasoline vehicles. Average Days on Market of 1- to 5-Year-Old Gas Cars, Hybrids, and EVs: Sept. 2023 - Aug. 2024 - iSeeCars StudyMonthGasoline DOMHybrid DOMEV DOMAugust 202439.637.138.6July 202443.140.538.5June 202445.041.444.0May 202442.439.245.2April 202441.536.250.7March 202434.330.536.5February 202450.044.049.5January 202465.252.665.1December 202356.951.955.0November 202358.953.160.2October 202349.246.752.4September 202350.249.055.3 Used Gasoline Car Prices Still Holding Steady Gasoline cars have seen a slight decline in price over the past year compared to the previous year, but the variation in these year-over-year differences has been less than 5 percent most months. It reflects the ongoing demand that built up during COVID, when new cars were scarce and many new car buyers had to turn to used cars when they needed to replace a vehicle.  “Used car shoppers waiting for a big price drop in traditional gasoline vehicle values have been disappointed, and forced to either wait longer or buy a used car at a higher price than they anticipated,” said Brauer.  Year-over-Year Change in 1- to 5-Year-Old Gas Car Prices - iSeeCars StudyMonthAvg Price$ Difference YoY% Difference YoYAugust 2024$30,292-$1,397-4.4%July 2024$30,484-$1,935-6.0%June 2024$30,715-$2,282-6.9%May 2024$31,421-$2,046-6.1%April 2024$31,389-$1,722-5.2%March 2024$31,013-$1,374-4.2%February 2024$31,169-$1,004-3.1%January 2024$31,689-$696-2.1%December 2023$29,789-$959-3.1%November 2023$30,116-$1,328-4.2%October 2023$30,906-$1,475-4.6%September 2023$31,144-$2,031-6.1% Used Hybrid Car Prices: Strong Demand Means Stable Pricing Used hybrid prices in August have dropped 6 percent over the past year, a bit more than gasoline cars, but they’ve held stable at around $30,000 and show every indication of remaining near that price point for the foreseeable future.  “The benefits of high fuel efficiency, low purchase cost, and zero range anxiety have kept hybrid demand strong,” said Brauer. “Automakers have seen growing consumer preference for hybrids over EVs in recent months, and are planning to increase hybrid production in the next few years.” Year-over-Year Change in 1- to 5-Year-Old Hybrid Prices - iSeeCars StudyMonthAvg Price$ Difference YoY% Difference YoYAugust 2024$29,759-$1,888-6.0%July 2024$29,652-$2,720-8.4%June 2024$30,412-$2,503-7.6%May 2024$30,778-$2,959-8.8%April 2024$30,841-$2,437-7.3%March 2024$30,806-$2,252-6.8%February 2024$30,489-$2,135-6.5%January 2024$30,841-$2,586-7.7%December 2023$29,934-$1,879-5.9%November 2023$30,417-$2,601-7.9%October 2023$31,511-$3,339-9.6%September 2023$31,679-$3,880-10.9% Used Electric Vehicle Prices Dropping Like a Lead Balloon The year-over-year decline in electric vehicle prices is very slowly moderating, but it continued at 20 to 30 percent in recent months. This pushed used EV prices below $27,000 for the first time in August of 2024, more than 11 percent l below gasoline models.  “People waiting for a good deal on a used electric car have been rewarded for their patience,” said Brauer. “If you bought a used EV a year ago you probably bought too soon, but at today’s prices a used EV is starting to make sense – assuming your lifestyle and vehicle needs line up with the benefits and limitations of an EV.” Year-over-Year Change in 1- to 5-Year-Old EV Prices - iSeeCars StudyMonthAvg Price$ Difference YoY% Difference YoYAugust 2024$26,839-$8,782-24.7%July 2024$27,236-$10,930-28.6%June 2024$28,595-$11,764-29.1%May 2024$28,767-$12,016-29.5%April 2024$29,066-$12,630-30.3%March 2024$29,925-$13,195-30.6%February 2024$30,904-$14,417-31.8%January 2024$33,275-$14,814-30.8%December 2023$33,572-$15,212-31.2%November 2023$34,275-$17,386-33.7%October 2023$34,994-$17,827-33.7%September 2023$34,926-$22,427-39.1% 15 Cars With the Biggest Price Drops Looking at the biggest price drops over the past year, five of the top six cars are electric vehicles, led by the Tesla Model 3 and Kia Niro EV. Luxury cars from brands like Jaguar, Land Rover, and Maserati are also prominent on the list. Top 15 Cars With the Largest Price Drops: August 2024 - iSeeCars StudyRankModelAvg Price $ Difference Year-over-Year% Difference Year-over-Year1Tesla Model 3$25,931-$8,558-24.8%2Kia Niro EV$21,692-$5,769-21.0%3Maserati Levante$43,710-$11,086-20.2%4Nissan LEAF$16,243-$4,102-20.2%5Hyundai Kona Electric$21,466-$4,873-18.5%6Chevrolet Bolt EV$17,863-$3,997-18.3%7Jaguar E-PACE$26,477-$5,149-16.3%8Land Rover Range Rover Sport$53,071-$9,528-15.2%9Land Rover Range Rover Evoque$30,506-$5,395-15.0%10Land Rover Range Rover Velar$37,642-$6,652-15.0%11Ram 1500 Classic$26,413-$4,634-14.9%12Mercedes-Benz AMG GT$79,808-$13,840-14.8%13BMW X7$55,333-$8,899-13.9%14BMW X2$24,878-$3,874-13.5%15Tesla Model S$53,141-$8,255-13.4%Overall Average$30,228-$1,509-4.8% “The strength of the used car market means there are few deals to be found,” said Brauer. “But if you’re in the market for a Tesla Model 3, a small entry-level EV, or a luxury SUV from Land Rover, you can find much better prices than were available a year ago.” 15 Cars With the Biggest Price Gains These 15 cars have all gone up in price over the past year, with the Porsche Cayman leading the list with a 21 percent, $17,532 increase in value. Other hot used cars include the Volvo S90, Chevrolet Camaro, BMW 2 Series, and Mitsubishi Outlander PHEV. Top 15 Cars With the Largest Price Increases: August 2024 - iSeeCars StudyRankModelAvg Price $ Difference Year-over-Year% Difference Year-over-Year1Porsche 718 Cayman$99,293$17,53221.4%2Volvo S90$36,934$5,16416.3%3Chevrolet Camaro$34,994$2,7098.4%4BMW 2 Series$38,875$2,4166.6%5Mitsubishi Outlander PHEV$26,511$1,6036.4%6Jeep Wrangler$36,885$1,9215.5%7Nissan Pathfinder$28,890$1,3434.9%8BMW M5$80,410$3,2204.2%9Porsche Panamera$81,754$2,5373.2%10Acura MDX$37,374$9612.6%11Genesis G80$35,534$8722.5%12BMW X1$29,393$6972.4%13BMW 4 Series$42,418$7091.7%14Lexus GX 460$48,399$7291.5%15Volvo V60 Cross Country$37,776$5651.5%Overall Average$30,228-$1,509-4.8% “Performance cars built in limited numbers often do quite well in the used market,” said Brauer. “The same can be said for iconic models like the Jeep Wrangler, BMW M5, and Chevrolet Camaro, the latter of which is no longer in production and is likely finding buyers who want one of the last models available. And the growing popularity in plug-in hybrids is likely pulling used Mitsubishi Outlander PHEV’s prices up.” Used Car Buying Opportunities Do Exist “Used car buyers may not be seeing the price reductions they were hoping for after the market spiked during COVID, but there are deals to be found out there, especially if you’re ready and willing to give a used electric car a try,” said iSeeCars Executive Analyst Karl Brauer. Methodology iSeeCars analyzed over 1.6 million 1- to 5-year-old used cars sold in August 2023 and 2024. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2023 price as well as a dollar difference. Additionally, the number of days each car was listed on iSeeCars.com was also mathematically modeled and aggregated. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2023 model year, and vehicles in production for fewer than four of the last five model years for each period were excluded from further analysis. More from iSeeCars: Longest-Lasting Cars, Trucks, and SUVs to Reach 250,000 miles Why Window Stickers are Important What Are the Cheapest Teslas? About iSeeCars.com iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $421 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars. This article, Tesla Model 3 Leads Ongoing Plunge in Used Electric Vehicle Prices, originally appeared on iSeeCars.com.