The used electric vehicle (EV) market in the U.S. is thriving, with sales projected to surpass 100,000 units in Q2 2023, marking a 27% increase from Q1 and a 45% increase from the previous year. Factors driving this boom include increased inventory, consistent pricing, and a higher availability of off-lease vehicles resulting from the leasing trend spurred by better federal tax incentives. This growing market stands in contrast to the uncertainty faced by new EV sales, positioning used EVs as a value-driven choice for consumers.
The used EV market is just on fire right now," said Liz Najman, director of market insights at Recurrent, emphasizing the increase in demand despite broader concerns in the EV sector.
With more electric vehicles coming off lease, the supply of high quality, affordable, pre-owned EVs is growing rapidly," said Stephanie Valdez Streaty, highlighting the impact of leasing on used electric vehicle availability.
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