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Friday, 01 July 2022 09:30

Used EVs Being Flipped for Impressive Profits

Written by William Johnson, Teslarati

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Due to high demand and low supply, used Teslas and other EVs in the U.S. are selling well, and at impressive prices.

According to research released in April by Recurrent Auto, used electric vehicles are selling for record profits, leading to owners flipping their vehicles like houses.

 

Owners are taking advantage of simple supply and demand---demand is sky-high for many models of EVs, and for a variety of reasons, supply cannot meet that demand. Hence, buyers are paying a premium to overcome the scarcity.

 

The research shows some amazing trends compared to last year. First, used electric vehicles are selling for 25% higher on average compared to the same time last year, a trend that is far more prominent than their combustion-powered counterparts.

 

Some vehicles are more affected than others, with one notable model being the Ford Mustang Mach-E which, in used condition, is selling for 60% more than last year. This shift in used EV prices has been so consistent, Recurrent is calling it “the new normal," and it doesn't believe this will change any time soon.

 

Recurrent took a particular interest in the Model 3. Due to extreme wait times, and in some cases, incredibly high worldwide demand, someone who bought a Model 3 last April can expect their vehicle to sell for $10,000 to $16,000 more compared to when they bought it.

 

However, used car market forces and inventory numbers are not the only factors behind this upward shift. Recurrent‘s data showed Tesla’s ever-rising starting price matches closely with the trend seen in the market.

 

Due to this surge in prices, sellers are going farther and farther to take advantage of heightened demand for electric vehicles. While it was not surprising to find out...


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