Used EVs ‘Poised for Growth’

By Staff Writer May 08, 2024

Carvana released an EV Trends Report for Q1 2024 that says used EVs affordability is improving.

The report focuses on the significant growth potential of the used EV category and highlights the important role affordability plays in driving customer adoption.

Key findings from the report include:

  • Used EV sales are poised for significant growth: whereas EVs made up 7.6% of all new-car sales in 2023, they were less than 1% of the used market.
  • The difference between Carvana’s average sale prices of Used EVs and internal combustion engine (ICE) vehicles is narrowing – from $13,000 in Q1 2023 to $7,000 in Q1 2024.
  • Carvana’s used EV sales mix is reaching new highs as affordability improves, increasing to 4.3% of Carvana’s total sales in Q1 2024.
  • In Q1 2024, 24% of Carvana’s EV and PHEV sales met all vehicle thresholds to be eligible for the Federal Used Clean Vehicle Credit, further improving affordability. “The significant, multi-year growth in new EV sales is a leading indicator of the potential of the used EV market. As a larger selection of EVs makes its way into the used fleet, prices normalize, and tax credits become available, more used car buyers will have the opportunity to access the EV category,” said Ernie Garcia, CEO of Carvana. “Carvana has always sought to build an inventory that matches the tastes and preferences of our customers.

“While we maintain a diverse selection across all fuel types, we are proud to now offer more than 50 different

models of EVs at a wide range of price points.”

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Last modified on Tuesday, 14 May 2024 23:33