Let’s face it. Electric vehicles are getting cheaper, but they’re still expensive, with so-called “budget” models still costing north of $35,000. That, however, really only accounts for new electric vehicles — and it turns out that used ones are getting much more affordable. In fact, a new report suggests that the price of used electric vehicles is falling much quicker than that of gas counterparts.
When it comes to actual dollars and cents, the average price of a used EV was $265 less than that od an internal combustion engine vehicle in February 2024 — and by May 2024, the gap widened to a hefty $2,657. That’s all the way down from EVs being sold for $8,000 more in June 2023. Electric cars now being mainstream for a few years also means that there are more used models out there that aren’t Teslas — and as you can learn in economics 101, more supply usually means lowered pricing, at least if demand remains the same. There are enough used EVs to satisfy a larger portion of buyers willing to buy a used electric car that’s a few years old, and as such, the used EV market is more competitive.
There are plenty of places you can find a great used electric vehicle. CarMax is a good example, and at the time of this writing, there were over 800 used electric cars available on the website. Carvana offered even more listings, with over 1,600.
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Source: Carscoop - 🏆 306. / 63 Read more »