The supply of new EVs currently outnumbers used ones at a striking 3 to 1 ratio, demonstrating a significant shift in the market dynamics.
While new EV searches increased by 4.4% this year, the overwhelming supply of vehicles has led to extended wait times, with cars sitting on lots for an average of 82 days.
Searches for used EVs have skyrocketed, five times higher than for new models, largely due to falling prices and unwelcome resale values for new EVs.
Due to the high oversupply of EVs, buyers can find astonishing deals, allowing budget-conscious consumers to acquire more vehicle for their money.
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