auto dealer in black and red logo
MenuMENU
SearchSEARCH

Experian Releases Used EV Finance Data

Consumers financed more than 91,000 used electric vehicles (EVs) in 2022, up 45% from 2021, according to Experian data.

February 16, 2023
Experian Releases Used EV Finance Data

Consumers financed more than 91,000 used electric vehicles in 2022, up 45% from 2021, according to Experian data.

IMAGE: Pexels

2 min to read


Consumers financed more than 91,000 used electric vehicles (EVs) in 2022, up 45% from 2021, according to Experian data.

Experian’s research shows consumers chose Capital One Auto Finance most often for their EV financing needs. The company captured 6.7% of the used-EV market, 0.2 points ahead of Wells Fargo Auto. Bank of America took the third spot, handling 4.8% of used-EV financing.

Experian reported the 2019 Tesla Model 3 was the most popular financed used EV. This vehicle model captured 11% of the loan and lease markets. The 2020 Tesla Model 3 placed second at 8.1%, and the 2018 Model 3 took the third-place spot at 7.7%.

For other automakers, the 2021 Ford Mustang Mach-E captured the largest share at 2.6% or 7th place.

According to Experian, around 80% of used-EV loans involved models from the 2018 model year or newer.

Experian data shows used-EV borrowers had the highest credit scores among all used-vehicle powertrain categories, averaging a 729 compared to 673 for consumers financing used gasoline models. Around 81% percent of used-EV borrowers had prime or super-prime credit scores, compared to 56% of customers purchasing used gasoline-powered vehicles.

The data shows 62% of used EVs sold in 2022 were financed with a loan, up 57% from 2021. Used-EV leases captured 3.3% of the market down from 3.7% in 2021. Banks and credit unions dominated the used EV finance market, capturing 42% and 34% of the finance market, respectively.

Payments on average used-EV loan hit $792 monthly payment, up from $614 in 2021. The average used-EV value also increased from 2018 and 2022, shifting from $28,024 to $53,367.

The payments may be higher, but Experian reports consumers are only financing 92% of their vehicle now, versus 104% of its value in 2018.

More Dealer Ops

Auto Dealer Today, Dealer Debrief, 07/15/2026, with Lauren Lawrence
Dealer Opsby Lauren LawrenceJuly 15, 2026

Dealer Debrief: Defection Data & EV Updates

In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.

Read More →
Two professionals shake hands while exchanging a car key fob beside a vehicle, symbolizing a vehicle sale, lease agreement, or dealership transaction.
SponsoredJuly 8, 2026

How Defection Data is Bridging the Dealership Conversion Gap

Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.

Read More →
Auto Dealer Today, Dealer Debrief, 07/02/2026 with Lauren Lawrence
Dealer Opsby Lauren LawrenceJuly 2, 2026

Dealer Debrief: Where are you losing customers?

In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.

Read More →
Ad Loading...
Auto Dealer Today, Dealer Debrief, 06/25/2026, with Lauren Lawrence
Dealer Opsby Lauren LawrenceJune 26, 2026

Dealer Debrief: Improving Your Inventory Management

In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.

Read More →
group of people standing in a circle holding puzzle pieces together
Dealer OpsJune 1, 2026

Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins

A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.

Read More →
Cover image for a BOK Financial report titled “Timing the market: How avoiding volatility entirely can hurt long-term reinsurance program performance.” The image shows several road construction barricades with flashing amber warning lights lined up in a nighttime work zone. Beneath the image, red text explains that avoiding volatility can mean falling behind inflation and missing market rebounds that drive long-term surplus growth. The BOK Financial logo appears at the bottom right.
SponsoredMay 8, 2026

What Market Timing Mistakes Mean for Your Reinsurance Program

When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.

Read More →
Ad Loading...
two cars on a billboard, No Hidden Fees
ComplianceMay 1, 2026

Dealer Ads and the FTC

The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.

Read More →
Closeup of white car's headlight, front end
Dealer Opsby Hannah MitchellApril 17, 2026

Used Autos Supply Dwindles

The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.

Read More →
hands making protective frame over red car, Risk Reality Check, Be Proactive, Auto Dealer Today logo
Dealer OpsApril 1, 2026

Managing Risk Effectively Through Changing Times

The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.

Read More →
Ad Loading...
Car key, stacks of coins, and a paper car cutout with AutoPayPlus logo, representing auto financing, loan terms, and vehicle affordability trends.
Dealer Opsby StaffMarch 31, 2026

Survey Reveals What Won't Fix What's Breaking Car Sales

AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.

Read More →