The Expert Podcast

Well, the fact that there's a chip shortage for new vehicles and the fact that electric vehicles are really increasing in popularity means that many used EVs are selling for a profit over what they sold for new. An article in the LA Times proves that electric vehicles are so hot that some Tesla owners are flipping their cars to make a profit.

Now, granted, when you sell it now, you have to get another one, which might be hard to do or even impossible. But if you're going to sell it anyway, then you could make money. The point of the matter is that electric vehicles in the used car market are on fire.

There are many late-model electric vehicles that you can't get at the new car lot anymore because they're sold out, or people are willing to pay big money to get a used one. Some of the more popular ones are Hyundai, Kia, some Porsche and Audi models, and Tesla. These are the biggest ones that have a strong following among used car buyers.

What does that mean for you if you're looking for an electric vehicle? Well, if you have one and you're not sure if you're going to keep it, now might be the time to sell it. The new car inventory should start to ease up at the end of this year, maybe in 2023. The fact that most government agencies and manufacturers want to increase the percentage of electric vehicles means they are going to do whatever they can to get these cars out there.

Right now, new electric vehicle sales make up roughly seven or eight percent of all car sales, up from just one percent a couple of years ago. That may not seem like a big jump, but it's a 700 percent increase. Meanwhile, gasoline vehicle sales are starting to decrease. Will that trend continue or accelerate? Who knows.

But right now, used electric vehicles are a hot commodity. If you can find one, get one, or maybe know someone who is leasing one and plans to turn it in, you might have an opportunity to get a great car at a lower price—or make a profit.