SEATTLE, July 24, 2023 (GLOBE NEWSWIRE) -- Recurrent, the car industry’s leading analyst of electric vehicle (EV) range, today released its Q3 Used Electric Car Market Report, revealing that nearly 40% of used EVs are available below $30,000.
Year-over-year used EV prices have dropped 28% since July 2022. This is noteworthy for used EV tax credits, which require a sale price below $25,000. As OEMs continue building out new inventory, prices on new models drop and market demand shifts, we might see more EVs on the streets sooner than later.
“It was always the goal to reach price parity between gas and electric cars; lower purchase prices for new and used EVs make them more accessible and appealing,” said Liz Najman, lead researcher at Recurrent. “Lots of recent headlines have been quick to equate luxury EV sales with overall EV interest, but it’s not that simple. Tesla is coming off its best quarter, and Rivian is exceeding its delivery targets.”
The latest report also includes a map of affordable EVs by state, which highlights how difficult it can be for some shoppers to find particular models in some regions of the United States.
Other key findings from the report include:
- Used Tesla prices have dropped more than 30% year-over-year, a response to new Tesla prices decreasing between 19% and 30% over the same time period.
- Ford and GM continue their EV dominance in the Midwest.
- Meanwhile, Tesla remains king with over 30% of the used EV cars available for purchase.
- Tesla vehicles also hold their value better than other EVs over a three-year period.
About Recurrent
Recurrent was founded in 2020 with the goal to provide more transparency and confidence in pre-owned electric cars. Through its comprehensive battery reports for EV owners, buyers and sellers, it aims to accelerate the overall adoption of electric vehicles. To learn more about Recurrent, visit https://www.recurrentauto.com/.
Media Contact
Matt Greenfield
Uproar PR for Recurrent
mgreenfield@uproarpr.com
