From my understanding, a lot of it has to do with a combination of the subsidies that are being offered and with the rapid increase in range of newer models.

For example, my buddy in Boulder, CO bought a brand new Nissan Leaf for ~$12k (MSRp ~$30k). In addition to the state/federal credits, the local utility was offering $12k rebates or something like that.

Combine that with the fact that some of the early models had really low range (I think the early Leafs were below 80 miles) and I could see why the used market is behaving the way it is.

Potentially. But I think it's also the fact that dealerships are leasing out the 500e at $99 or even $59 a month for 3 year deals. So why even buy a used 500e when you can get a brand new one for <$100 a month or $1200 a year.