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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.
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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