Used EVs Becoming More Affordable

In the last year, the market for used EVs has witnessed a significant drop in prices, marking a turning point in the adoption of sustainable transportation. Nearly 30 percent of cars in this inventory are less than two years old, and 45 percent of used EVs are three years old or newer. This trend can be attributed to a combination of factors.

Firstly, the expansion of the EV market has resulted in an increasing number of newer models entering the market, causing a surge in the availability of pre-owned EVs. This increased supply has naturally led to more competitive pricing among sellers, resulting in a general decrease in prices. Tesla leading the charge in price drops on new models has also fueled other automakers to follow, which also affects the used market. More EV accessibility is always a good thing, and lower prices benefit all.

Additionally, the advancements in EV battery technology have alleviated concerns about battery degradation and range anxiety, making used EVs more appealing to potential buyers. Lastly, thirty percent of used EVs also qualify for the $4,000 federal clean vehicle credit, and obtaining the credit is about to become easier. Starting Jan. 1, 2024, customers will be able to transfer EV credits to a car dealer, lowering the vehicle’s purchase price instead of waiting till they file their tax returns the following year. Affordable used EVs benefit not only environmentally conscious consumers but also foster a more sustainable and accessible future of transportation.