The latest numbers from iSeeCars, which tracks used car prices, found the electric-vehicle category has seen prices fall 4.8% year over year, while internal combustion cars and trucks have gotten 5.2% more expensive.

Of all EVs, Teslas have seen the steepest declines, perhaps due to the brand’s struggles that have come with Elon Musk’s increasingly divisive public stance on political and governmental issues. Declining interest in EVs overall is also to blame.

A Tesla Model S in June was worth $8,768 less than it was in June of 2024. That’s a 15.8% drop. The Model X didn’t fare much better, with its value dropping $9,544 (or 15.5%). The Model Y saw the third biggest decline, falling 13.6% ($4,637).

Used EV market share growth plummeted to just 14.2% in the past year, iSeeCars reports, which is down from a growth rate of 98% in 2024. While prices are falling, people are getting rid of their EVs at a faster pace, too, with supply increasing.

All of the price drops come before the $4,000 incentive for buying a used EV comes to an end on Sept. 30. The loss of that discount could push prices considerably lower.

“Electric vehicles have a role to play in the new and used car market,” said iSeeCars Executive Analyst Karl Brauer, “but that role won’t be at the level many government and private EV proponents have been touting for years. Everything from market share to pricing suggests EV demand has peaked and will likely decline in the coming years.”