Used EV Market Gains Momentum Amid Rising Demand, Sales Up 62.6%

Demand for used electric vehicles (EVs) is on the rise, with 64% of dealers reporting increased customer interest, up from 50% last month, according to Startline Motor Finance. However, concerns about price volatility persist, as only 28% of dealers believe the situation is improving. Meanwhile, retail sales of electric cars have surged by 59% in early 2024, driven by a growing range of affordable options that entice consumers away from traditional petrol and diesel models. The used EV market in the U.S. has also seen significant growth, with sales increasing by 62.6% year-over-year, as budget-conscious buyers seek affordable options amid uncertain federal rebates. Recurrent's report highlights that a used EV could soon be sold every minute, emphasizing the shift towards electrification among consumers. Despite the positive trends, challenges remain as many dealers express concerns about the transition to EVs being fraught with difficulties.