In January, used electric vehicle sales increased by 3.5%, reaching 26,933 units, marking the second-highest volume. This represents a 30.5% year-over-year growth and a market share of 1.8%. The top five selling brands, ranked by sales volume, were Tesla, Chevrolet, Mercedes-Benz, Ford, and Nissan, with Mercedes-Benz showing a 54% month-over-month increase in volume. The top-selling models were the Tesla Model 3, Model Y, Model S, Chevrolet Bolt, and Ford Mustang Mach-E.

In January, the new EV days’ supply increased by 5.3% month over month, reaching 87 days. Despite this rise, it remains below the days’ supply for internal combustion engine (ICE) vehicles. Year over year, the new EV days’ supply is down 35.1%, indicating a significant improvement in inventory turnover compared to the previous year. Volkswagen experienced the largest decline, while Lexus saw the largest increase in days’ supply month over month.

The supply of used electric vehicles continued to tighten to 45 days’ supply, decreasing by 3.0% month over month and 23.3% year over year. This high demand is possibly driven by factors such as the affordability of used EVs, the availability of tax incentives for many models, and the realization that EVs can meet every day driving needs. Additionally, many used EVs come with battery warranties, providing extra peace of mind for buyers.

The average listing price for used electric vehicles was $37,476 in January, showing a 1.7% increase month over month and a 5.1% decrease year over year. Ten brands (Porsche, Toyota, Chevrolet, Jaguar, Mazda, Volvo, Mini, Lexus, Nissan, and Subaru) had listing prices at or below those of their internal combustion engine (ICE+) models. Additionally, 39.4% of units sold were priced under $25,000.