Used EVs Now Selling Faster Than Traditional Cars
Used EV sales are skyrocketing. And there may be a very good reason: the things that make EVs different are much more appealing to used car buyers.
In its report at the end of Q2, Bloomberg noted surging EV demand. “Sales of used EVs this year through June increased by 34% over the year-earlier period.” Once EVs hit the lot, they “are selling even faster” than traditional cars.
Why EVs are so appealing to used car buyers
Aren’t EVs much more expensive? Not so much. While the average used gas burner is going for $33,800, the average used EV is down to $34,700. The average EV is also newer, so it’s more likely to have features such as Apple CarPlay and adaptive cruise control.
That used EV is also much cheaper to “fuel up.” A new luxury SUV buyer may not care much about the cost of gas. But if you’re pinching pennies and buying used vehicles, that few hundred dollars in your monthly budget is a big deal.
Finally, EVs are proving nearly maintenance-free. No oil or other fluids to change. Brake pads often last longer as regenerative braking does most of your slowing down. Even the battery packs—once a source of anxiety—are proving very durable. A Tesla Model 3 taxi just hit 255,000 miles, so its the owner finally rolled it into the shop for some work. Its battery pack had 88%-99% of its capacity left.
In my recent test I concluded that if you’re on a well-traveled highway with just four people, road-tripping in an EV isn’t as comfortable as in a gasoline car. It’s more comfortable. I fully understand that certain folks cannot make EVs fit their lifestyle. But many drivers can. And they’re voting with their wallets.