The Expert Podcast

All right, here we go with used EVs becoming a thing. Up until now, electric vehicles were a little bit less in volume in the used car market, but now that new car electric vehicle sales have passed 10 percent of new car sales, we're starting to see used EVs becoming a more popular search. Part of it is because prices are starting to come down, there's more availability, and there's more volume of used electric vehicles in the marketplace. So, the price point is starting to reduce to where people who want to buy an electric vehicle can now look at used ones.

You can look at it this way: a new car electric vehicle really costs 50 to 60 grand, and there aren't really any good electric vehicles under that price. Yes, you have the Maverick truck, and you have a couple of other examples. Chevrolet has a product that's in the 20-something-thousand-dollar range, but the vast majority of electric vehicles that people want are 50 grand plus. So, used EVs have always been something to look at. The problem is, there weren’t a lot of them around, and the ones that were available were priced pretty high. But now, the market's starting to open up.

Finding an electric vehicle in the used car market is now more possible. In fact, it’s likely that the percentage of sales of electric vehicles in the used car market will increase faster than in the new car market. This is because older gasoline-powered vehicles will start to become less desirable and, as time goes on, will be replaced by electric vehicles, especially since the charging networks are going to become more robust.

So, if you're looking for an electric vehicle but really only thought you could buy a new car, check out your dealer to see what they have for used inventory for EVs. You might find something of interest and avoid spending 60 grand on a new one.