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Used EVs Hit A Record Share Of Overall Used Car Sales In September

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Used EVs Hit A Record Share Of Overall Used Car Sales In September

Electric vehicles may be having a rough year in the new car market, but the demand for used models is soaring. Used EVs accounted for a record share of all used vehicle sales in the U.S. 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 EVs changed hands last month, up 12.3% from August and 21.2% from a year earlier, according to Cox Automotive’s latest EV Market Monitor. It’s a glimmer of hope after the end of federal tax credits last September and the recent rollback of fuel economy norms that hamstrung the sales of new EVs.

It also captures the broader affordability crisis in the auto industry. Not everyone can spend on a new electric car, whose average transaction price was $55,842 in September, according to Cox. Although more affordable models are now on sale, like the Chevy Bolt, Nissan Leaf, and the Kia EV3. However, sales of both the Bolt and Leaf have been lackluster. Chevy sold 3,866 Bolts in Q3, whereas Nissan only sold 634 Leafs, per Cox.

However, the influx of used models is now making EV ownership possible for a broader group of buyers. S. buyers gravitate towards more than smaller models. This supply of incoming trade-ins and off-lease vehicles is giving shoppers more models and price points to choose from, per Cox.



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