Used Electric Vehicle Sales Surge

The Surge in Used Electric Vehicle Sales.

In recent years, the auto industry has witnessed a remarkable surge in the adoption of electric vehicles (EVs), driven not only by environmental concerns but also by economic factors such as reduced operating costs and government incentives. While the spotlight often shines on new EV models, an equally compelling trend is emerging in used EV sales.  At Central Vermont Auto Mart, we have witnessed this growth at all our stores as more people discover how affordable a late model used EV can be after incentives.

 According to research conducted by Recurrent Auto, a prominent player in the used electric vehicle market, the sales of preowned EVs have been on a steady rise. Their latest report reveals a notable uptick in demand for pre-owned electric vehicles, with sales figures showing a substantial increase year over year.   The chart below exemplifies the increase sales figures they included in their "Used Electric Car Prices & Market Report - Q1 2024".

Cox Automotive estimates further corroborate this trend, indicating a staggering 32% increase in used electric vehicle sales in the first quarter of 2023 alone. This surge represents a significant jump compared to previous years, signaling a growing acceptance and adoption of used EVs among consumers.

One of the driving forces behind the surge in used EV sales is the increasing affordability of these vehicles, particularly after factoring in federal and state incentives and utility subsidies.  These incentives, coupled with lower operating costs and maintenance expenses associated with electric vehicles, present a compelling reason to consider a used EV.  Our team is ready to help you determine what incentives you may be eligible for on any of the Hybrid, Plug in Hybrid or Batter Electric Vehicles we have in inventory at either our used car store in Montpelier, Vermont or our sister store in White River Junction, Vermont.

With supportive government policies, advancing technology, increase in charging locations and expanding used EV choices the momentum behind driving electric shows no signs of slowing down.  Is it right for you?  Do you have questions?  Let our team of product specialists help answer your questions.