Demand Grows, Prices Rise for Used EVs and Hybrids

By Ted Craig September 04, 2018

Tesla makes news every time its CEO tweets. But the underreported story of this year is the success of used electric and hybrid vehicles.

A used Nissan Leaf sells for more than a $1,000 more today than a year ago.

Part of this is a result of previous market distortions lifting.

“The prices on used electrics was incredibly low before,” said Kelly Blue Book analyst Tim Fleming.

One reason for that is tax credits, which had been artificially shrinking the margin between new EVs and used.

Higher gas prices are also helping. On average, gas prices are up more than 50 cents this year.

While electric vehicles make-up only 1 percent of new-car sales and an even small percentage of used sales, the offerings are expanding every day. New vehicles are on their way from a range of manufacturers, from Ford to Porsche.

Still, Tesla remains a market unto itself, Fleming said. A used Tesla’s main competition is a new Tesla, he said.

Meanwhile, hybrids may have fallen out of the spotlight, but they are also seeing more interest lately.

The Toyota Prius is up by $960.

Last modified on Tuesday, 04 September 2018 15:49

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