Used EV Car Sales are Rising as Prices Go Down—Should You Buy Brand New or Secondhand?

Isaiah Richard, Tech Times 11 April 2023, 11:04 pm

The US is seeing a significant rise in used electric vehicle sales in the country, showing the massive demand for eco-friendly workhorses.

Apart from used EV car sales seeing massive growth, it is also seeing its prices lower, being more reasonable to buy despite being pre-owned, a second chance in proving their worth.

By buying used, you may be able to find a model that is slightly older but still meets your needs and budget. Other considerations may factor into buying used, such as car shipping.

Used EV Car Sales are Growing, and Prices are Going Down

(Photo : Maja Hitij/Getty Images)

Cox Automotive has released a new report that centers on the growth of the used EV car sales in the country, showing a 32 percent increase in the first quarter of 2023 for the market. As many as 43,000 used electric cars were sold in the first three months of the year, a rapid increase for the pre-owned vehicles.

Alongside this growth are the lowering prices of used EVs, and according to Cox, the average price of it dwindles to around $43,400, four percent lower compared to before.

According to CNET, this is due to the growing EV market in the country, with many new models arriving and people wanting to try out the latest technology there is.

Should You Buy Brand New or Secondhand?

One of the biggest advantages of buying a used EV is the lower cost. As with any used car, the initial depreciation hit that comes with buying a brand-new car has already been taken by the first owner. This means that you can often find a used EV that is only a few years old for a much lower price than a brand-new model.

By buying used, you may be able to find a model that is slightly older but still meets your needs and budget.

On the other hand, one of the biggest perks of buying brand new is that you can take advantage of any available tax incentives or rebates. Many states offer incentives for purchasing a new EV, which can help offset the higher initial cost. Additionally, you can be sure that you are getting the latest technology and features.

Another advantage of buying new is the peace of mind that comes with a full warranty.

Electric Vehicles in the US

The US automotive market is one of the most famous channels where electric vehicles thrive, and this is because of the "Made in America" program by the government which supports the transition to clean-energy cars. It centers on encouraging citizens to buy EVs, with significant incentives available, as well as a budget allocated for manufacturers to create new batteries, plants for EVs, and more.

With many people moving towards patronizing electric vehicles, companies like Tesla, GM, Ford, Volkswagen, Hyundai, and more are pushing for new models or updating their fleets.

That being said, some EVs are left in the dust, or used car dealerships awaiting their next owner.

Ultimately, the decision to buy a used or new EV comes down to personal preference and budget.

Regardless of whether you choose to buy a new or used, it's important to do your research and take the time to find a car that meets your needs and budget. With the growing availability of used EVs and the lowering prices, now may be a great time to consider making the switch to an electric vehicle.