Gone are the days when purchasing an EV meant having to come up with the money to afford a brand-new vehicle.
The used electric vehicle market is growing tremendously as budget-minded and climate-conscious consumers seek the most affordable way to join the clean energy transition.
Recurrent’s Used Electric Car Prices and Market Report for the first quarter shows that used EV sales increased by 62.6% from 2023 to 2024.
Based on market research data from 2024, the company also assessed that a used EV would soon be sold every minute in the United States.
Recurrent, a startup that offers free resources to sell used EVs, attributed the growth to a few factors.
With the future of a $4,000 federal rebate for used EVs uncertain under the Trump administration, there was a spike in sales during the first quarter of the year. In addition to consumers wanting to capitalize on the rebate, the used EV market is expected to see more growth as leases are returned. Recurrent also noted that battery prices for EVs have dropped 20%.
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“Our market indicators suggest that we are at the start of an inflection point for used electric cars in the U.S.,” Recurrent CEO Scott Case said in 2024. “Shoppers no longer need to choose between range and affordability. A used EV shopper can drive home in a Tesla for less than $25,000.”
Selling old EVs and buying EVs that have been pre-owned are trending worldwide.
Used EVs, especially newer models with better driving ranges, are enticing consumers to move away from gas-powered cars because of their high values and favorable depreciation rates.
EV owners can maximize their trade-in by using Recurrent’s free service. Recurrent connects with your EV to record daily battery readings and assess its charging activity, odometer, battery, and range. When you compare your EV to similar models and monitor battery health, you’ll also connect with a network of dealers to make an extra $1,400 on average from your sale.
When you make your next car an EV, new or used, you save money on high gas costs and ongoing vehicle maintenance while curbing your personal pollution output when you drive. Increased EV sales and trading among drivers contribute to a cleaner, greener planet for us all.
And EV shoppers now have greater choices when selecting pre-owned vehicles that will serve their needs and those of the planet.
“The used car market is more than twice the size of the new car market,” Case told The Cool Down. “Every car can be sold new once but gets sold used typically two more times, and so in a lot of ways, it’s a more important market than the new EV market.”
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