Used EV Market Shoots Up
Many consumers shift from new for affordability, though some brands have robust new-EV sales month.
Tesla increased its new-EV U.S. market share in April by about four percentage points and topped used sales.
Pexels/Kindel Media
Sales of new electric vehicles dipped in April while used EV deliveries moved in the opposite direction as shoppers looked for deals.
The new-EV market decline wasn’t across the board, as some brands actually experienced significant sales increases, according to Cox Automotive research. The EV growers included General Motors, Nissan and Tesla.
But overall new-unit sales fell 6% from April and from a year earlier to a little more than 100,000 units as consumers grappled with both affordability and availability, Cox said. It nevertheless noted a slight market share increase to 7%. The average transaction price was accordingly flat at $59,255.
Tesla, which has taken sales hits in various markets, including Europe and California, increased its U.S. market share about four percentage points on the strength of the Model Y, though it stayed under 50%.
GM’s new-EV sales rose two percentage points to a 14% market share.
As new-model sales fell, used-EV volume increased 14% month-over-month and a whopping 61% year-over-year to nearly 38,800 units. The market share rose to 2%, its highest point so far this year.
The average used-EV transaction price actually fell month-to-month by about 3% to $35,874, though that’s up 4% year-over-year.
Tesla topped used sales, increasing its market share about five percentage points to 47%, Cox said. Chevrolet and Ford followed with 9% and 6% shares.
The two EV segments’ days’ supply also headed in opposite directions based on their sales results, though inventory varied by brand.
New-EV inventory increased 4% to 99 days, though that’s down 20% year-over-year.
Used supply, meanwhile, was about flat from April and a year earlier to 37 days.
“As used EVs remain an attractive option, inventory will continue to tighten,” Cox said.
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