📈 Business & Markets

There’s never been a better time to buy a used EV

Tuesday, Jul 15

Image: NurPhoto/Getty

Americans are increasingly rockin’ down to Electric Avenue—or at least the well-worn part of it. New data shows a growing number of US consumers are exploring the used EV market, amid falling prices and a soon-to-expire tax credit from the federal government.

By the numbers: Prices for used EVs fell ~32% in 2024 to reach an average of $30,900, in line with prices for gas-powered cars, according to auto-research site iSeeCars.com. For reference, the average new EV sells for $17,000+ more than a comparable gas model.

  • This disparity has been reflected in recent sales trends. While sales for new EVs have fallen in each of the last three months, used EV sales topped 100,000 for the first time last quarter, new data from Cox Automotive reveals.

Why is used so much cheaper than new? EVs lose value far quicker than gas-powered cars once they drive off the lot. This is due to a variety of factors, including concerns about battery life and longevity, new tech quickly making old EV models obsolete, and high repair costs associated with specialized parts/labor.

Looking ahead…Time is running out to snag the best EV deals. The Biden admin’s recent electric vehicle tax credit ($7,500 for new, $4,000 for used) is now set to expire on September 30, or seven years earlier than initially intended, after President Trump signed his tax-and-spending megabill into law earlier this month.

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