The EV world was very different this time last year when I wrote a recap of lessons from. Ford had not yet shipped a single F-150 Lightning. Hertz had not yet ordered 100,000 Teslas or 175,000 EVs from General Motors. Gas prices in the U.S. had not yet soared above $5. Build Back Better had not yet become the Inflation Reduction Act with tax credits for both new and used electric vehicles.Recurrent has just passed our second anniversary with a community of over 11,000 EV drivers in the U.S.
That wholesale premium matches up with what we observed in our retail shopping research. Potential used EV buyers are willing to pay a $3000 premium for vehicles with batteries in great condition, even if they have high mileage. Buyers were even willing to pay a premium for a used EV with a battery in “Fair” condition when compared to having no information about that battery.
As a result of the inaccuracies in the EPA range estimates, one of our major efforts has been predictive models to determine the “Range When New” for every EV make, model, year and trim, based on data from vehicles subscribed to Recurrent. We use “Range When New” in place of the EPA range for our internal calculations since we find it represents drivers real-world experience better.It’s not just Tesla anymore.
Rivian R1T, Ford Mach-E and F-150 Lightning. A wider selection of vehicles and price points is bringing in new first-time EV drivers, as is a maturing used market.
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