Transportation Trends: The Rise of Used Electric Vehicles
Thursday, 19 September 2024, 02:17
Exploring the Surge in Used Electric Vehicles
Recent trends in transportation show a significant growth in the availability of used electric vehicles (EVs), providing buyers with a cost-effective alternative. In August, nearly 60% of available used electric vehicles were priced under $30,000. This marks a striking increase from just two years ago, when that number was less than 20%.
Price Trends and Market Insights
- Used battery-powered vehicles experienced a price drop of 7.2%, which is the largest decline among all powertrains.
- Compared to the overall industry decrease of 3.9%, this trend highlights the shifting dynamics of the used car marketplace.
- Furthermore, used EVs tend to be younger, averaging three years of age against the four-year industry average for gas-powered vehicles.
Experts like Jessica Caldwell from Edmunds explain that early EVs faced unpredictable resale values, limiting the past development of a robust used market.
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.