Used EV Sales Surge in Q1
Follow growing deliveries of new units; prices fall due to new units’ price cuts.
Average retail prices of used units dropped about 4% to $43,400.
IMAGE: Pixabay/ArtisticOperations
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.
LEARN MORE: Fleet Sales on Upward Trajectory
Originally posted on Auto Dealer Today
More Showroom
Used EVs Outpace New
While North American electric-vehicle sales remain down year-over-year, May sales saw a 3% increase from April’s numbers as used EVs led the market.
Read More →
New Vehicles Down for Most Brands
Healthy May sales cut into inventory as automakers kept a tight reign on supply, though some brands ended the month with excess units on the ground.
Read More →
Auto Prices Ride May Moderation
Flat ATPs and asking prices clocked in below long-term averages for the month, though some segments saw significant price gains, reported Cox Automotive.
Read More →
Mitsubishi Sets Growth Strategy, Structural Transformation
The Japanese automaker aims to 'strengthen products and technologies that embody its brand identity,' focus on its strongest markets and expand value-chain businesses 'that leverage its unique strengths.'
Read More →
Affordable, Safe Cars for Teen Drivers
Families looking to balance affordability and safety in vehicles for their teen drivers can look to the updated list of recommended vehicles by IIHS and Consumer Reports.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
Holman Opens Porsche Dealership in Miami
The North Miami store features the brand’s signature Destination Porsche design concept, combining contemporary architecture and technology to create what the auto group calls an ultra-luxury experience.
Read More →
Chicago to Gain Cadillac Rooftop in 2027
The two-story Cadillac dealership is being constructed at the former Lincoln Yards site, owned and operated by Canada-based Jack Carter Auto Group.
Read More →
Mid-Atlantic Ford Store Has New Owner
A growing Maryland automotive group is only the 93-year-old dealership’s third owner after its longtime proprietors retired.
Read More →
Porsche Dealership Breaks Ground in Illinois
Barrington Porsche will be the new location for Murgado Automotive Group’s existing Porsche dealership currently in the Motor Werks of Barrington auto mall.
Read More →