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Wednesday, 12 January 2022 17:28

Used Electric Car Prices Soared in 2021

Written by Andrei Nedelea, Inside EVs
2019 Nissan Leaf. 2019 Nissan Leaf.

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While the new car market in the U.S. declined 13.4% in 2021, used electric vehicle sales went up year-over-year by an impressive 60%.

Prices of used EVs also went up over the course of last year by more than 15%, and they remain higher on average than prices of used ICE vehicles, although this could just be because most EVs are newer vehicles and usually more expensive to buy.

 

Industry analysts focused on EVs at Recurrent said it was mainly stronger demand for electric cars that drove up prices, which came courtesy of a constant rise in consumers’ confidence, the reduced supply of vehicle prompted by the global chip shortage and other factors.

 

"I look back at 2021 as an exciting year for electric vehicles in terms of overall market growth, as well as the all-electric commitments from manufacturers that will continue to spur adoption," said Scott Case, CEO and co-founder of Recurrent. "If price comes from the tension between supply and demand, let’s hope the industry can produce more electric cars this year because people certainly want them."

 

Another important conclusion drawn by Recurrent from analyzing EV sales through 2021 was that one third of used electric vehicles could be purchased for less than $25,000 and half for less than $30,000. This means they are more accessible than ever to car buyers, and their popularity is only going up as prices come down even more.

 

GM’s recall for the Chevrolet Bolt EV did have a strong negative impact on sales of this model on the used market. Sales were down 74% and the source suggests this could have been because Chevrolet bought as many of them as it could from dealers, in order to keep them off the street. The plant that builds the model is currently idle and production is not expected to restart any sooner than March.

 

We thank Inside EVs for reprint permission.

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