There Are No Cheap Used EVs
ISeeCars looked at used cars for sale at a price of under $20,000. There is not a single EV on the list, which may be a sign of why EV adoption has slowed. Used cars are often a portal for people early in their car-buying cycle.
The study showed that “In 2019 almost half of all 3-year-old used cars cost $20,000 or less, today that number is just over 10%.” The average price of a three year old car is $32,635 which is up 41% since the start of the pandemic “The pandemic may be a fading memory, but the lack of new car production five years ago has created a ‘pandemic hangover’ effect for today’s used car market,” said iSeeCars Executive Analyst Karl Brauer.
Even the least expensive cars are relatively expensive when sold used, three years from their original purchase. These include the Honda CR-V, Toyota RAV4, Subaru Forester, Honda Civic, Nissan Rogue, Kia Sport, and Nissan Centra. Most are high-mileage gas-powered Japanese cars, which ruled the sedan and compact crossover markets for years.
Notably, few on the list sell for more than $35,000 today.
No $35,000 Used Teslas
Why are there no used EVs on the list? Well, they would almost certainly have ot be Tesla’s because so few other manufacturers have models that had been in the market for long in 2019. Teslas are relatively expensive, so the idea that any are available for under $20,000 is far-fetched. Even with a sharp drop in demand for new Teslas, few used ones sell for much below $25,000
It is unlikely that, with the demand for Teslas falling, the price will drop to $20,000 when they are used. It is likely a drop of 60% or more from the new car price sticker.
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