Used EVs Hit a Record Share of Used-Car Sales in September as Buyers Hunt Value

Electric vehicles may be having a rough year in the new-car market, but demand for used models is soaring. Used electric vehicles accounted for a record share of all used-vehicle sales in the United States in September, as lower prices relative to brand-new cars and a growing pool of pre-owned models returning to dealer lots helped drive demand. A record 47,862 used electric vehicles changed hands last month, up 12.3 percent from August and 21.2 percent from a year earlier, according to the Cox Automotive EV Market Monitor.

The affordability equation is improving, if gradually. The average listed price of a used electric vehicle fell 1.8 percent from August to 36,767 dollars in September, still 6.2 percent, or 2,137 dollars, more than the average gas car, but the gap narrowed from 2,692 dollars a month earlier. The most popular used electric models include the Tesla Model Y, the Chevrolet Equinox EV and the Nissan Ariya, larger and more practical crossovers that American buyers gravitate toward more than smaller cars.

The contrast with the new market is stark. The average new electric car carried a transaction price of 55,842 dollars in September, according to Cox, and more affordable new models like the Chevrolet Bolt and Nissan Leaf have seen lackluster sales, with 3,866 Bolts and just 634 Leafs sold in the third quarter. The influx of off-lease and trade-in electric vehicles is now making electric ownership possible for a broader group of buyers at prices far below the new-car average, which is why the used market is booming while new sales struggle.