Are Used EVs Selling? Unpacking the Market Trends
Download MP3 Overview of EV Market Insights:
- Explore where to find the best information about the electric vehicle (EV) market, focusing on industry sources rather than guesses from financial or political pundits.
- The auto industry itself provides the most accurate data on EV sales and trends, including a key publication from Auto Remarketing.
Key Data from Experian:
- Experian's report shows that the EV market is experiencing significant growth, with an increase in new retail transactions.
- There is a surge in buyer activity, especially among early adopters, alongside organic growth from individuals transitioning from gasoline to electric vehicles.
Used EV Sales Trends:
- Used EV sales are still growing but haven't reached the levels of new EV sales yet.
- The limited supply of used EVs in recent years, along with high pricing, has affected the volume of pre-owned EVs in the marketplace.
- The discounting of new EVs by manufacturers like Tesla has led to lower prices for used EVs, making them more accessible.
Used EV Financing Data:
- In 2021, around 60,000 pre-owned EVs were financed, with projections showing 80-85,000 in 2022.
- 2023 is expected to be the first year where over 100,000 used EVs will be financed, setting the stage for continued growth.
Implications for Dealers:
- Dealerships must stay ahead of the curve by following detailed data and analytics, focusing on their target market, and tailoring advertising and offerings accordingly.
- Inventory management and vehicle acquisition strategies should align with market demands, ensuring dealerships meet consumer expectations.
This episode highlights the importance of using data-driven strategies in the rapidly evolving EV market to stay competitive.
