WASHINGTON:
Prices fell in the first three months of 2023, which led to a 32% increase in sales of used electric cars in the United States. This reported by Cox Automotive on Friday.
The group said that the average retail listing price for a used EV was about $43,400, which was 4% less than the same quarter last year and a lot less than the average price of a new EV, which was about $59,000.
The group said that prices for used EVs probably went down because Tesla was cutting prices for new cars quickly.
“As the market leader pushes down prices for new EVs, used-vehicle prices follow suit,” Cox said.
Thursday, Tesla cut prices in the U.S. by between 2% and nearly 6%. This was the fifth time this year that Tesla has done this. On April 18, Washington will put in place stricter rules about where batteries come from, which will limit many EV tax credits.
Kelley Blue Book’s first estimates show that more than 225,000 EVs were sold in the first quarter of 2023. This is about 7% of all new vehicle sales.
General Motors said on Monday that it was the first time it had sold more than 20,000 electric vehicles (EVs) in the first three months of the year in the United States. EVs made up about 3.4% of GM’s US sales in the first quarter.
Used EVs
In August, Congress made a tax credit for used EVs worth $4,000. To get the credit, buyers must buy a used EV from a dealer for $25,000 or less. The maximum credit is 30% of the sale price, up to $4,000.
The buyer’s adjusted gross income can’t be more than $75,000 for a single filer or $150,000 for a married couple filing jointly.
Cox Automotive predicts that sales of new EVs in the U.S. will pass 1 million units for the first time in 2023. Last year, about 807,000 new EVs were sold, which was 5.8% of all U.S. sales.
Cox said that the wholesale values of used EVs went up by 3.7% from one year to the next, while the overall values went down by 2.4%.
