The market for used EVs ‘is so hot’ right now

Filed 1w ago · Via Grist · The Buffoon Desk

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Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: Century Film / Universal Pictures · Public domain · via Wikimedia Commons

Used electric vehicle sales rose 7.7% month-over-month and 10.1% year-over-year in July, according to Cox Automotive data, while new EV sales crawled up only 3.2% and remain down 41.5% from last year.

Analysts credit rising gas prices tied to the ongoing war with Iran, plus a narrower price gap between used EVs and gas cars ($2,967) compared to new ones ($6,477), for the used-market surge. This comes a year after Congress repealed federal EV tax credits of up to $7,500, a change industry watchers expected to tank sales rather than merely dent the new-car market.

Despite the used-car bright spot, North American EV sales overall are down 18% this year versus a 28% gain in Europe, and the International Energy Agency reported record quarterly EV sales in 50 other countries. Executives quoted describe being surprised that growth continued without rebates, with one calling the trend something 'no one would have predicted.'

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A geopolitical war providing better EV marketing than a $7,500 federal incentive ever managed is not exactly the endorsement of market design anyone wanted, but here we are. If the lesson from Washington is that consumers respond more to gas prices than tax policy, someone in Congress spent a lot of ink repealing the wrong lever.

Source: Read the original at Grist → Scored: No Spam Polka · Kevin MacLeod · CC BY 4.0

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