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Recurrent Auto's Q3 2024 report reveals that US used EV prices are stabilizing, although supply shortages are likely to persist.
Price Stability in Used EVs
According to new Q2 data, secondhand electric vehicle (EV) prices in the US are leveling off, but supply shortages will likely persist for at least another couple of years.
Per Teslarati, used EV pricing seems to be leveling off, especially in the $20,000 to $25,000 price bracket, according to the Q3 2024 Used EV Market Report provided by Recurrent Auto last Wednesday.
Predictability in Used EV Pricing
The data from recent months suggests that prices for used EVs are expected to become more predictable in Q3, while older model-year, lower-ranged EV prices are expected to continue dropping. There was a dramatic increase in the number of leases for BEVs in 2023.
Chevrolet Volt(2018), Prius Prime(2019), Model 3(2019), Bolt EV(2020), Model Y(2020), Pacifica Hybrid(2021), Volkswagen ID.4(2021), Nissan Leaf(2022), and Mustang Mach-E (2022) are all-electric vehicles that are detailed in the company's price index. To ensure that the index is reflective of current auto inventories, the firm also says that they change the mix of vehicles included in it every year.
While the EV market is still expanding, Recurrent has noticed a plateau in the amount of used EVs in inventory since it began tracking this data in 2021. Since then, the number of secondhand electric vehicles on the market has increased fourfold, and there are now roughly 40,000 of them available.
Insights on Used EV Market Trends
There are a lot of additional insights on the used electric vehicle market moving into the third quarter that are included in the research, and you can read the complete report on the used electric vehicle market for the third quarter of 2024 here.
