Discounts on new EVs, the draw of new tech in new models, and consumer confidence in the lifespan of EV batteries are the top factors driving used values down.
By Summer Ballentine, The Detroit News
Heavy discounts on new electric vehicles and buyer skepticism about their durability continue to push down used EV prices, which experts say has opened up a traditionally pricey market to more U.S. drivers.
While new EVs on average cost $9,000 more than similar gas models, prices on used EVs now are competitive with their internal combustion counterparts at about $680 higher on average, Cox Automotive EV analyst Stephanie Valdez Streaty said: The used market’s one area where you can find affordable EVs.”
In September, the average transaction price for a new EV was $58,124, while the average listing price for a used EV was $34,575, according to Cox Automotive. The lower price tags could be key to winning over an unenthusiastic U.S. market, which has been further dampened by the Trump administration’s move to roll back greenhouse gas regulations and end federal EV tax credits.
“It’s important because one of the biggest barriers for adoption is price,” Valdez Streaty said.
Retired Naples, Florida, resident Jon Peter Vollmer, 65, owns two used Chevrolet Bolts, including a 2020 model he bought earlier this year for $7,500. At the time of purchase, Vollmer said the Bolt had been driven 45,000 miles.
For comparison, Kelley Blue Book values a used 2020 Honda Civic sedan at about $14,000 and a 2020 Toyota Camry at roughly $15,000.
“The cost was so incredible,” Vollmer said. “They were much more cost-effective.”
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