The group mentioned the typical retail itemizing costs for used EVs was round $43,400, down 4% from the identical quarter final 12 months and considerably beneath the typical new EV worth of about $59,000.
The group mentioned used EV costs had been in all probability lower resulting from aggressive worth reductions by Tesla for brand spanking new autos.
“As the market leader pushes down prices for new EVs, used-vehicle prices follow suit,” Cox mentioned.
On Thursday, Tesla lower costs within the United States between 2% and practically 6%, the fifth such lower this 12 months. Washington will undertake stricter battery sourcing necessities on April 18 that may restrict many EV tax credit.
In the primary quarter of 2023, greater than 225,000 EVs had been offered, in keeping with preliminary estimates by Kelley Blue Book, accounting for roughly 7% of new-vehicle gross sales.
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On Monday, General Motors mentioned it offered greater than 20,000 EVs within the first three months of the 12 months within the United States, the primary time it had executed so. EVs accounted for about 3.4% of GM first quarter U.S. gross sales. In August, Congress created a $4,000 used EV tax credit score. Buyers should buy a used EV for $25,000 or much less from a supplier to qualify; the utmost credit score is 30% % of the sale worth as much as $4,000.
Used EV patrons adjusted gross earnings might not exceed $75,000 for people or $150,000 for joint filers. Cox Automotive forecast this 12 months gross sales of recent EVs within the United States in 2023 will surpass 1 million items for the primary time, up from about 807,000 final 12 months or 5.8% of all U.S. gross sales
Cox mentioned wholesale values of used EVs elevated by 3.7% 12 months over 12 months, in comparison with the general decline of two.4%.
Source: economictimes.indiatimes.com