The EV premium, the price differential of used EVs compared to internal-combustion counterparts, fell from $13,000 to $7,000 in Q1 2024, as stated by Carvana.
EVs constituted a significant share of Carvana's Q1 2024 sales in states like Washington, D.C., California, and others, reflecting broader trends in EV adoption.
Carvana highlights a credit of up to $4,000 for used electric and plug-in hybrid vehicles, driving further affordability and making models like the Nissan Leaf, Tesla Model 3, and Chevrolet Volt top sellers.
Carvana CEO Ernie Garcia emphasizes the growth potential of the used EV market, foreseeing normalization of prices, increased availability of tax credits, and broader access to EVs for used car buyers.
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