Up until now, electric vehicles (EVs) held a smaller share in the used car market. However, as new electric vehicle sales have exceeded 10% of total new car sales, a noticeable shift is occurring: used EVs are gaining traction. Factors contributing to this surge include declining prices, increased availability, and a growing volume of used electric vehicles on the market. Consequently, the price points are becoming more attractive, making EVs a viable option for buyers who were previously deterred by higher costs.

Historical Challenges in the EV Market
Previously, accessing used EVs was a challenge due to their limited availability and high prices. The majority of desirable electric vehicles came with price tags of $50,000 and above, making it difficult for prospective buyers to find affordable options. While there were a few exceptions, like the Maverick truck or some Chevrolet models in the $20,000 range, affordable choices were scarce. Consequently, used EVs remained an elusive prospect for many buyers.

Changing Dynamics in the Market
However, the landscape is shifting. The used car market is witnessing a notable expansion in the availability of electric vehicles, which is expected to grow at a faster rate compared to new car sales. As gasoline-powered older vehicles become less desirable, electric vehicles are poised to replace them, especially with the ongoing development of more robust charging networks. This change hints at a potential surge in the adoption of used electric vehicles.

Exploring Options for Used EVs
If you’ve been eyeing an electric vehicle but assumed that purchasing a new one was the only feasible option, think again. Dealerships now offer a growing inventory of used EVs, providing prospective buyers with a broader array of choices. This shift means that individuals interested in electric vehicles no longer need to commit to the hefty price tag of $60,000 for a new model. Exploring the used inventory at your local dealer might reveal an appealing electric vehicle that fits your preferences and budget.