While new electric vehicle sales are slowing, used sales are ramping up

Sales of used electric vehicles (EVs) are on the rise, even as sales of new EVs have started to slow. The increase in demand for used EVs can be attributed to various factors, such as tax breaks, price drops, and an abundance of cheap Tesla models resulting from Tesla’s own price cuts. Searches for used EVs on car shopping websites have significantly increased, and federal tax credits for used EVs have become available, making them more affordable for middle-income shoppers. Despite the rising demand, prices for used EVs continue to fall. The expansion of used EV offerings has led to upgrades in operations at companies that sell used cars wholesale. Tesla’s aggressive price cuts have also contributed to the drop in used EV prices. The average price of a used EV is still higher than that of a used gas-powered vehicle, but the price gap is narrowing. Advancements in EV technology, particularly in range and charging, have made used EVs more appealing. The Chevrolet Bolt, Rivian trucks and SUVs, and the Hyundai Ioniq 5 are among the fastest-selling used EVs. Various incentives, including local and municipal tax incentives, are available for those interested in purchasing new or used EVs.