Kelley Blue Book: More Americans are snapping up used electric cars

by | Apr 17, 2023 | Stock Market

New electric cars are grabbing all the headlines, but Americans buy far more used cars than new cars. When will sales of used electric vehicles pick up? They already have. A new analysis from Kelley Blue Book parent company Cox Automotive shows that used EV sales grew by 32% in the first three months of 2023. It’s likely just the start of an accelerating trend.

“Every new vehicle eventually becomes a used vehicle,” says Cox Automotive chief economist Jonathan Smoke. “Our data sets indicate used EV sales will begin increasing rapidly from here, following a clear path set by new sales.” Related: Used EVs: How to navigate the tight market for pre-owned electric vehicles like the Nissan Leaf and Chevy VoltNew EV sales likely to hit 1 million this year Cox Automotive expects Americans to buy more than 1 million new electric cars for the first time in 2023. In 2021, about 3.2% of the new cars Americans bought were electric. By the end of 2022, that number had reached 5.8%. It’s accelerating rapidly. Analysts are still tallying first-quarter sales, but Cox Automotive economists believe that 7% of the new cars Americans bought in Q1 were electric. Adoption won’t be linear. It snowballs as automakers introduce new electric models of all types, giving more shoppers electric options. Studies have also shown that Americans grow more likely to buy an electric car when they start seeing them in their neighborho …

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