There are several ways to achieve your desired result, this my humble way of doing it:
Let the element hold its previous value, so add an attribute 'previousValue'.
<select id="mySelect" previousValue=""></select>
Once initialized, 'previousValue' could now be used as an attribute. In JS, to access the previousValue of this select:
$("#mySelect").change(function() {console.log($(this).attr('previousValue'));.....; $(this).attr('previousValue', this.value);}
After you are done using 'previousValue', update the attribute to current value.