While new electric vehicle sales are slowing, used sales are ramping up
CNN
Sales of new electric vehicles have started to slow, but the opposite is happening with used EVs.
Sales of new electric vehicles have started to slow, but the opposite is happening with used EVs. A combination of factors has led to increases in both the number of used electric vehicles available to purchase and the number of people looking to buy them. The reasons include tax breaks, price drops and a glut of cheap Tesla models caused by Tesla’s own price cuts on its new cars and SUVs. The auto site Cars.com, which carries dealer listings for used and new vehicles, said searches for used EVs on its site have increased 45% since last year. On TrueCar, another site that helps car shoppers find new and used vehicles, interest in EVs was up 39% in the first quarter of this year compared to last year. The used car sales website Carvana saw its used EV sales more than double since last year. One reason is that federal tax credits on used EVs, not just new ones, are finally available, and they’re hitting at just the right time. The $4,000 federal tax credit for pre-owned EVs can be used by the dealership as a price reduction at the time of the sale, rather than the customer having to wait until they file their taxes to get the money. Not all dealerships are willing to do the paperwork, though. Also, there are limitations on the vehicles that qualify as well as limits on the income of the buyer. One Georgia car dealership executive, who asked to remain anonymous because he wasn’t authorized to discuss sales strategies with the press, said his dealership has seen a huge increase in sales of used EVs since he started advertising that his dealership could apply tax credits at the time of sale, immediately lowering the price by $4,000. “What it’s doing, in my opinion, is it’s allowing middle income shoppers that really are interested in EVs, but had always thought they were out of their price range to come into the market, become EV owners, and also achieve a car payment that is sustainable,” the dealer said.
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