The latest sales data point to several reasons for the divergent trends in new and used EVs that can factor into fleet cycling decisions.
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While EV sales declined, used EV sales grew, as tighter inventory and rising prices reflected a more normalized pace for the EV market.
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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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The shift marks a recalibration rather than a retreat, as the market adjusts to post-incentive conditions.
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Lease returns and trade-ins are boosting the supply of used EVs, making them more affordable than ever.
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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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With over 70 models available, competition in the EV market is fierce. The new EV price premium over ICE+ vehicles increased to $12,229, the highest in two years.
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