Revolutionizing Transportation with Affordable Electric Vehicles
Exploring the Rise of Used Electric Vehicles
Transportation is evolving rapidly, with electric vehicles increasingly making their mark in the used car market. Electric car shoppers on a budget may want to consider checking out the used lots. An influx in new EV sales in recent years has significantly increased the number of these cars hitting the used market.
Market Dynamics
- Nearly 60% of used electric vehicles now available are priced under $30,000, according to Recurrent data.
- Two years ago, used EVs at that price only accounted for less than 20% of inventory.
- Last month saw used battery-powered vehicles experiencing the highest price decrease among all powertrains, down 7.2% compared to a total industry decrease of 3.9%.
Advantages of Used Electric Vehicles
These cars are also much younger than their gas-powered counterparts, averaging just three years old as opposed to the industry average of four. Gently used electric vehicles have long been an affordable option for shoppers unable to purchase brand-new vehicles, a privilege that was rarely available in earlier transition years. Jessica Caldwell, executive director of insights for Edmunds, affirms that increased availability and stable resale values are key themes in this evolving marketplace.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.