Used EV prices have plummeted 20.5% year-over-year, creating a favorable marketplace for buyers looking to enter the electric vehicle market at reduced costs.
New data indicates that overall used car values have decreased by 6.8%, while used EVs are experiencing a staggering 38.5% drop compared to last year.
Manufacturers are cutting prices and incentivizing new EVs to remain competitive, thus making it more financially appealing to opt for newer models over used alternatives.
High interest rates on used car loans combined with attractive tax credits for new EVs also contribute to the downward pressure on used EV prices.
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