Used Electric Vehicles Surpass Gasoline Counterparts in Cost, Despite Faster Sales

In a notable turn of events, the market for used electric vehicles (EVs) has undergone a significant transformation, with these vehicles now commanding higher prices on average than their gasoline counterparts. According to recent data, used EVs currently cost more than used gasoline cars, marking a reversal from previous trends where EVs were often more affordable ¹.

This change in pricing dynamics comes despite used EVs continuing to sell faster than used gasoline cars. On average, a used EV sells in just 41.9 days, compared to 54.8 days for used gas cars, highlighting the ongoing popularity of electric vehicles among consumers ².

Moreover, the average price of a used EV has risen by 9.8% over the past year, reaching an average of $32,533. This increase in value is further supported by a recent study indicating that used electric vehicles are indeed gaining in worth ¹².

Among the various models available, the Audi Q4 Sportback e-tron stands out as the fastest-selling used EV, with an impressive sales cycle of just 29.8 days. Interestingly, the Toyota bZ4X and Honda Prologue have also shown strong performance, selling faster than any Tesla model included in the study ².

Fuel costs play a crucial role in influencing the sales speed of both used EVs and gasoline cars. As fuel prices fluctuate, so too does the attractiveness of electric vehicles to potential buyers ². Additionally, compact and midsize crossovers tend to sell more quickly than larger SUVs and full-size pickups, suggesting a preference for smaller, more maneuverable vehicles in the current market ².

However, not all electric vehicle manufacturers are experiencing the same level of success. Six of the ten slowest-selling used EVs come from General Motors, indicating a possible lag in consumer interest for certain GM models ². Furthermore, while used Teslas have seen substantial price increases, they did not make it into the top 10 fastest-selling EVs, showcasing a unique position in the market ².

These developments underscore the evolving landscape of the used car market, particularly within the realm of electric vehicles. As technology advances and consumer preferences continue to shift, the dynamics of this sector will likely remain in flux, offering both challenges and opportunities for manufacturers and buyers alike.

What We Know

• Used electric cars sell faster than used gas cars. ¹²
• Currently, used electric vehicles cost more than used gasoline cars. ¹
• The average used EV sells in 41.9 days, compared to 54.8 days for used gas cars. ²
• Used EV prices increased by 9.8% over the past year to an average of $32,533. ²
• Used electric vehicles are increasing in value according to a recent study. ¹
• Audi Q4 Sportback e-tron is the fastest-selling used EV, selling in 29.8 days. ²
• Toyota bZ4X and Honda Prologue sell faster than any Tesla model in the study. ²
• Fuel costs influence the sales speed of used EVs and gas cars. ²
• Compact and midsize crossovers sell faster than large SUVs and full-size pickups. ²
• Six of the ten slowest-selling used EVs come from General Motors. ²
• Used Teslas experienced significant price increases, but did not rank in the top 10 fastest-selling EVs. ²