economy
Gas prices aren't the only factor fueling used EV sales
There are a growing number of reasons why used EVs have gained in popularity.
TL;DR
- New electric vehicle sales fell 28% year-over-year in the first quarter.
- Used electric vehicle sales increased by 12% year-over-year in the first quarter.
- Rising gas prices and an abundance of expiring EV leases are boosting used EV sales.
- EVs will account for 15% of off-lease vehicles by the end of the year.
- The increased supply of used EVs has lowered prices, creating price parity with internal combustion engine vehicles.