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.