The electric vehicle (EV) market continues to expand in the U.S., as recent Cox Automotive data reveal a year-over-year rise in sales for both new and used EVs. 

September marked the sixth consecutive month when new EV sales surpassed 100,000 units. EV share of new vehicle sales achieved a notable 9% last month, the highest level to date. 

The price difference between electric and traditional vehicles narrowed in September, indicating greater accessibility. In the new vehicle market, EV incentives remain elevated.

New and Used EV Transaction Prices

New EV Average Transaction Price: Looking at pricing trends, the average transaction price (ATP) for new EVs, at $56,328, was down 0.5% month over month in September but remained flat year over year.  The average incentive package for a new EV was over 12%, far higher than the industry average of approximately 7%.

Used EV Average Listing Price: The average listing price of used EVs slightly increased month over month in September to $37,260, yet it remains down 8.4% compared to the previous year, nearing price parity with ICE+ models.

New and Used EV Sales

New EV Sales: Although new EV sales declined month over month, September was the sixth consecutive month sales surpassed 100,000, reaching 107,127 units sold, fueled by incentives and leasing options. The market share for EVs in September reached a record 9%, suggesting a 10% share is within reach for the U.S. market.

Used EV Sales: Meanwhile, used EV sales demonstrated steady growth, reaching 26,626 units sold and maintaining a 1.7% market share. Used EVs remain a small part of the market and have not exceeded 1.8% of total used-vehicle sales.

New and Used Days' Supply

New EV Days’ Supply: Digging deeper into the numbers, the new EV days’ supply has remained stable, indicating the steady demand for these vehicles thanks in part to heavy discounts. In September, new EV days’ supply was 93, up 2.0% month over month and up 1.9% year over year.

Used EV Days’ Supply: The supply of used EV days narrows the gap with the supply of internal combustion engine plus (ICE+) models. In September, the supply of used EV days was 47, while ICE+ was 45.