Used EVs Are Selling Faster Than Used Gas Cars

"The effective end of federal fuel-economy standards, combined with the demise of the $7,500 federal tax credit, lowered sales of new EVs in October, following record third-quarter sales that surged as demand pulled forward. As affordability pressures continue to affect the broader car industry, used EVs are emerging as the new bright spot, becoming the fastest-selling used vehicles of any powertrain in the third quarter. Welcome to Critical Materials, your daily round-up of news shaping the world of electric cars and technology."

"The longer selling window shows that buyers are becoming more selective, weighing high used vehicle prices against new-car incentives a shift that continues to reshape dealer turnover across segments. However, three-year-old EVs sat on dealer lots for only 34 days on average in the third quarter, with average transaction prices under $30,000 for vehicles with just about 35,000 miles on them. By comparison, hybrids sat on dealer lots for 40 days, purely gasoline vehicles for 43 days and PHEVs for 47 days"

Federal fuel-economy standards have effectively ended and the $7,500 federal tax credit has been eliminated, contributing to lower new EV sales in October after record third-quarter demand. Affordability pressures and high interest rates are increasing buyer selectivity across the broader car industry. Used electric vehicles have become the fastest-selling used powertrain in the third quarter. Edmunds reports that overall used vehicle days on lot rose from 37 to 41 year-over-year and average transaction prices increased 5% to $31,067. Three-year-old EVs averaged 34 days on dealer lots, with transaction prices below $30,000 for vehicles near 35,000 miles. Hybrids averaged 40 days, gasoline vehicles 43 days and plug-in hybrids 47 days. The head of Tesla's Cybertruck program is leaving after over eight years, and a report details why the failed Honda-Nissan merger lacked compatibility.

Read at insideevs.com