The used EV market saw a modest price increase, with the typical price rising to $36,053, up 0.9% from the previous month and a couple of.6% 12 months over 12 months.
The used EV market moved upward in May, driven by affordability and consumer confidence, in response to Cox Automotive numbers released June 19.
Inventory levels, pricing trends, and incentive strategies reflected a transition market.
Overall, the electrical vehicle market displayed a fancy mixture of growth and challenges in May, with year-over-year declines pointing to broad industry pressures.
Recent and Used EV Prices
The common transaction price (ATP) for brand spanking new EVs in May fell to $57,734, marking a 2.3% decline from April and a 1.1% year-over-year decrease. The value gap between EVs and ICE+ vehicles narrowed to $9,644, down from $11,108 the previous month. Meanwhile, EV incentives increased by 19.4% to a mean of $8,226, now accounting for 14.2% of ATP, the best share within the post-2018 modern EV era. These incentives remain at the least twice as high as those for ICE+ vehicles, underscoring the continued push to make EVs more accessible.
Amongst essentially the most inexpensive options, the Nissan Leaf maintained its position with an ATP of $32,581. Moreover, several models – including the Acura ZDX, Ford Mustang Mach-E, Hyundai Ioniq 6, Kia EV6, Nissan Ariya, Toyota BZ4X, and VW ID.4 – had effective prices under $40,000, calculated by subtracting model-specific average incentives from their ATPs. The Chevrolet Equinox EV stood out by remaining under $40,000 even without incentives, reinforcing its strong value proposition in today’s competitive EV market. As EV adoption accelerates, ensuring a growing supply of inexpensive models is crucial. For a lot of consumers, price stays one of the crucial predominant barriers to switching to electric.
The used EV market saw a modest price increase, with the typical price rising to $36,053, up 0.9% from the previous month and a couple of.6% 12 months over 12 months. The value gap between used EVs and ICE+ vehicles remained narrow, staying below $2,000. The Tesla Model 3 was the top-selling used EV in May, averaging $23,160, a 1.6% decrease from April. Because the used EV market matures, price trends are sometimes shaped by brand dynamics and shifting consumer priorities around value, range, and long-term ownership costs.
The used EV market saw modest growth in May, with sales increasing 1.1% month over month to 36,609 vehicles, maintaining a 2.2% share of the general used-vehicle market.
Recent and Used EV Sales
- Recent EV sales rose 4.2% month over month in May, reaching 103,435 vehicles and maintaining a 6.9% market share. Nonetheless, sales were down 10.7% 12 months over 12 months, underscoring industry challenges and the dynamic nature of an emerging market. May estimates suggest Tesla remained the market leader with 46,150 vehicles sold, a 0.6% month-over-month increase, followed by General Motors, Hyundai Motor Group, and Ford. Honda, which launched its first EV within the spring of last 12 months, rounded out the highest five.
- The used EV market saw modest growth in May, with sales increasing 1.1% month over month to 36,609 vehicles, maintaining a 2.2% share of the general used-vehicle market. Yr over 12 months, sales surged 32.1%, reflecting sustained momentum. Tesla led with a 49.6% share. The perfect-selling used EVs last month were the Tesla Model 3, Model Y, Model S, Model X, and Chevrolet Bolt EV, in response to Cox estimates. The used EV market continues to be dominated by Tesla-brand products, which still dominate the EV market, but Cox analysts expect that to shift in the approaching years.
Recent And Used EV Days’ Supply
- In May, latest EV days’ supply rose 8% month over month to 111 days, even though it stays 11.6% lower than last 12 months. Recent EV days’ supply exceeds that of ICE+ models by greater than an entire month. Supply levels varied much by brand, reflecting the dynamic nature of the EV market, driven by production shifts, evolving consumer demand, and strategic inventory management. Most automotive brands saw increased EV days’ supply, signaling improved inventory availability.
- The times’ supply of used electric vehicles declined by 3.4% month over month to 40, an 11% year-over-year decline, reaching its lowest level since June 2022. The gap between used EVs and ICE+ vehicles has narrowed to lower than five days. As with the brand new EV market, days’ supply for used EVs varies lots by make. Tesla recorded the bottom level at 28 days. This tightening supply landscape suggests growing consumer interest in used EVs, signaling a possible shift in demand dynamics that would reshape pricing and remarketing strategies within the months ahead.
This Article First Appeared At www.automotive-fleet.com
