"Sales of new electric vehicles took a beating in the first quarter, falling some 28% year-over-year after the Trump administration axed the $7,500 consumer tax credit, according to Cox Automotive."
"Used EV sales increased 12% compared with the same quarter last year, with a 17% rise between the fourth and first quarters, driven by expiring leases and rising gas prices."
"By the end of the year, EVs will account for 15% of all off-lease vehicles, double from 7.7% in the first quarter, as hundreds of thousands of pre-owned EVs enter the marketplace."
"The average price of a used EV is $34,821 compared to $33,487 for the gas engine equivalent, leading to price parity and boosting sales."
Sales of new electric vehicles fell 28% year-over-year in the first quarter after the removal of the $7,500 tax credit. In contrast, used EV sales rose 12% compared to the same quarter last year, driven by expiring leases and high gas prices. The average price of used EVs is now close to that of gas vehicles, with used EVs accounting for 15% of off-lease vehicles by year-end, up from 7.7% in Q1. The increase in supply has led to lower prices, boosting sales further.
Read at TechCrunch
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