Looking for EV sales growth? Check the used market

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It's another sign that there's finally a decent market for used electric cars.

Electric vehicles accounted for 4.3% of sales on used car sales platform Carvana in the first quarter of 2024 — up from 1.8% in the same period last year.— important for the overall EV transition, as new electric models still tend to be prohibitively expensive for many would-be buyers.EVs' average selling price on Carvana dropped 16% year over year in Q1 2024, falling from $37,000 to $31,000.

The EV premium — that is, the average price differential of used EVs compared to their internal-combustion counterparts — fell from $13,000 to $7,000, Carvana says.EVs made up the biggest share of Carvana's total Q1 2024 sales in Washington, D.C. , California and Washington — numbers that generally mirror other measurements of

And they cracked 4% of total sales for the first time in Florida , Arizona , Montana and more.Carvana represents only a slice of overall used car sales, so its data is best understood as a reflection of broader trends.A credit of up to $4,000 for used electric and plug-in hybrid vehicles is making previously owned EVs even more affordable, Carvana says.

The Nissan Leaf, Tesla Model 3 and Chevrolet Volt were the company's top-selling credit-eligible models in the first quarter of 2024."The significant, multi-year growth in new EV sales is a leading indicator of the potential of the used EV market," Carvana CEO Ernie Garcia said in a statement. "As a larger selection of EVs makes its way into the used fleet, prices normalize and tax credits become available, more used car buyers will have the opportunity to access the EV category."EVs made up less than 1% of all used car sales in 2023, Carvana notes based on Kelley Blue Book and MarketCheck data.

 

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