FI showroom red and grey 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.

Ad Loading...

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.

Ad Loading...

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.

Originally posted on Auto Dealer Today

More Auto Finance

Photo of document next to calculator and inkpen
Auto FinanceJuly 20, 2026

Dealerships Are Paying the Price for Extended Car Loans

Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.

Read More →
silver car in background with hand in front holding out a set of keys, Trade-In Trouble, F&I and Showroom
Auto Financeby Lauren LawrenceJuly 20, 2026

Trade-Ins in Negative Equity Reach New Heights

As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.

Read More →
Two men in suit jackets shaking hands in front of a new-looking white vehicle
Auto Financeby Hannah MitchellJuly 15, 2026

Auto Credit Plentiful

June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.

Read More →
Ad Loading...
Woman's hands holding an wallet empty of cash
Auto Financeby Hannah MitchellJuly 1, 2026

Automotive Consumers Sink Further in Debt

Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.

Read More →
Three men smiling for headshots
Auto Financeby Lauren LawrenceJuly 1, 2026

Porsche Financial Services Shifts Structure

After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.

Read More →
$100 bill and magnifying glass on top of paper that says insurance policy terms and conditions.
F&Iby Lauren LawrenceJune 29, 2026

Tariffs Could Raise Insurance Premiums

As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.

Read More →
Ad Loading...
Red toy car sitting on top of coins.
Auto Financeby Lauren LawrenceJune 24, 2026

Smaller Loans, Longer Terms

The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.

Read More →
Photo of man holding a car key
Auto Financeby Hannah MitchellJune 17, 2026

New Cars a Tad More Affordable

May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.

Read More →
Photo of a white toy car next to piles of coins
Auto Financeby Hannah MitchellJune 8, 2026

First-Quarter Sees Long Auto Loan Growth

Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.

Read More →
Ad Loading...
Assurant, Mastering Credit Friction, Sales Series, Expert Trainer Josh Krach
Auto FinanceMay 29, 2026

Mastering Credit Friction

In this video, Josh Krach explains how to turn credit friction into an advantage.

Read More →