It seems the used market for EVs is more consumer friendly than it is for gas-powered ones. Here's why.
and Tesla Model 3s."A price correction is underway in the used electric vehicle market," Recurrent said in its report,"After a steep rise in 2021 and a multi-month plateau in 2022, prices have steadily declined since August 2022, bringing them back in line with where they were in 2021. Rather than mistaking this drop for a market decline, understand that this is a return to Earth from the stratospheric used electric vehicle values seen in 2021 and the first two thirds of 2022.
Another potential driver of declining prices is that the used EV market has nearly tripled in size in the past 18 months. Back in April of 2021, used dealer inventory was as low as 10,000 EVs but reached a high of 25,141 vehicles by February of 2022. This dramatically dropped in March to under 17,000 vehicles and June of 2022 with just above 16,000 used EVs on the market.
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