 Carl Brouwer is an executive analyst at IC Cars. There are just too many used EVs on the market, and the supply is well outstripping demand, and as a result, we're having a drop in prices, dramatic drop over the past year. While electric vehicle values appeared to stabilize at the end of 2023, they dropped in February and have continued to decline. When you're a used shopper, you're much more likely to be living in a multi-unit housing, probably not have level 2 charging, and you're only going to have that one car to serve all your purposes.