New EV sales declined year over year in February while used EV demand rose, as prices fell and inventory tightened across both segments.
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Cox Automotive data shows EV sales rose in December, while new- and used-EV prices held steady.
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November EV data shows sales falling to multi-year lows as inventory builds and pricing softens following the expiration of federal tax credits.
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EV buyers took advantage of the final federal tax credit days, while average prices edged up for new EVs and continued to decline for used models.
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Consumers are buying up electric vehicles ahead of the Inflation Reduction Act’s tax credit expiration amid strong demand and tight inventory.
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EV sales surged in July as buyers moved quickly ahead of the tax credit deadline, with new and used markets showing strong growth and prices adjusting to meet demand.
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The electric vehicle market looked like a grab bag of trends as industry pressures and market dynamics shift.
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April figures show an electric vehicle market facing several challenges that reflect broader economic trends.
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The tightening of days' supply for new and used electric vehicle markets shows healthy consumer interest.
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Used EV sales rose a whopping 63% so far year over year, while new EV sales increased about 14%.
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