""For the same amount of money, you're getting a newer used car with lower miles on it and more technology," says Scott Case, Recurrent's cofounder and CEO. "And also, right from the jump, you're saving a substantial amount of money in gas prices.""
"EVs have depreciated faster than gas cars in part because the technology is improving so quickly; the latest models have the best features. But for budget-conscious buyers, a two or three-year-old EV is still a good option and "very undervalued," Case says."
""Everyone thought, 'That's it for EVs-there aren't going to be more sales,'" says Case. "I think to an extent that was true on the new side-there was just a ton of pull-forward demand and Q4 was really, really soft.""
Around 300,000 EV leases are expiring this year, coinciding with a decrease in used gas cars due to slow sales. Used EV sales are strong, offering better deals than gas vehicles. A typical used gas car costs $20,000 to $30,000, while a similar used EV is newer and has fewer miles. EVs have depreciated faster due to rapid technological advancements, making two or three-year-old models undervalued. Despite the end of EV tax credits, used EV sales remain resilient.
Read at Fast Company
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