Used electric vehicle inventory has expanded dramatically as off-lease vehicles from early EV adopters return to the market and dealers work to clear trade-in EVs taken against new vehicle purchases. Prices for popular used EV models including the Chevrolet Bolt, older Tesla Model 3 variants, and Nissan Leaf have fallen to levels competitive with equivalent used internal combustion vehicles on monthly payment basis.
The expansion of the used EV market is accelerating adoption among buyers who need the economics of used vehicle pricing to make EVs financially viable. Certified pre-owned EV programs offered by manufacturers with warranty coverage are reducing the uncertainty that has historically made buyers reluctant to purchase used EVs without dealership backing. Infrastructure expansion is gradually reducing the range anxiety that previously created resale value discounts.
