Gas prices aren’t the only factor fueling used EV sales
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Used electric vehicle sales have increased by 12% in the first quarter, driven by high gas prices and an abundance of expiring leases. The surge in pre-owned EVs has led to price parity with internal combustion vehicles, making them a more affordable option for consumers.
Used electric vehicle sales are on the rise, increasing by 12% in the first quarter. This growth is attributed to high gas prices and an abundance of expiring leases. Many EV leases from the early 2020s have expired, resulting in hundreds of thousands of pre-owned EVs entering the market. The average price of a used EV is $34,821, compared to $33,487 for a gas engine equivalent. By the end of the year, EVs will account for 15% of all off-lease vehicles. The increased supply of pre-owned EVs has led to lower prices, making them a more affordable option for consumers.
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