Used EV Sales Surge in Q1

Sales of used electric vehicles are on the rise as sales of new EV models increase, Cox Automotive data shows, with retail used EV sales jumping 32% in the first quarter to 42,753.

The year-over-year increase shows that used EV sales are catching up with increasing sales in the burgeoning new-EV market, whose deliveries Cox predicts will eclipse 1 million units for the first time this year. It estimates first-quarter sales surpassed 225,000 units, up 35% year-over-year.

“Every new vehicle eventually becomes a used vehicle,” said Cox Chief Economist Jonathan Smoke in a press release. “Our data sets indicate used EV sales will begin increasing rapidly from here, following a clear path set by new sales.”

Cox forecasts the EV share of the new-vehicle market will be almost 7% in the first quarter, a record.

Meanwhile, the volume of first-quarter used EV sales was up 100% year-over-year.

Average retail prices of used units dropped about 4% to $43,400, likely due to price cuts on new units by market leader Tesla, Cox said.

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