Most of the fastest selling used cars in the US are now electric
Electric vehicles now account for six of the ten fastest selling used car models in the US.
Compared to the 33.4 days that conventional cars sit on the market, electric and plug-in electric hybrid vehicles now sell within 24.6 days on average, or 27% faster than gasoline cousins, reports automotive research company iSeeCars.com. The firm analyzed the sales of 2.1 million one- to three-year old cars sold between January and August of 2017 to rank the models.
Although EVs accounts for just 1% of total US new car sales, their low price and rising reputation is leading to a brisk business. The FIAT 500e was the fastest selling used EV this year, in part due to its low average selling price of $9,055 (down from $21,000 before incentives on the lot). At the other end of the spectrum, the price of a used Tesla Model S rose 3.5% to $70,372 from $67,992 last year.
What's driving all this? First, incentives of $7,500 or more on electrics means used EV prices are quite low relative to their new sticker price, and conventional cars more generally. With federal and state tax credits built in, used EVs are even better deals than new models, explains Electrek. Many new EV models are also hitting the market after the expiration of their three-year leases. Buyers now have their pick of low-mileage, luxury cars at low prices built by the likes of BMW and Tesla.