At the end of July, it took dealers an average of 81 days - nearly three months - to sell the EVs that arrived in their showrooms, according to days-to-turn data from Edmunds. That's up 75% from the same month a year ago, and a much longer stay on dealer lots compared to the industry average of 57 days before being sold.
The glut of EVs on dealer lots means customers have a better breadth of options than ever, and they also have more negotiating power as dealers grow more desperate to move metal off their lots.
Affordability has taken on new importance in the EV segment as wealthy early adopters are replaced with more frugal shoppers. The average price paid for an EV still outpaces the average price paid for any new car by about $10,000.
In addition to the slow turn rate for EVs, there are also a lot more of these cars piling up than gas-powered cars. Dealers at the end of July had enough battery-powered vehicles to last dealers about 100 days, compared to a 68-day supply of all other powertrains.
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