Used EVs Coming Down In Price
The used car market plays a crucial role in providing affordable vehicles for people, especially those who can’t afford ever-rising new car prices. While buying a new car can be a dream for many, it is often unaffordable due to the high price tag and the insane dealer markups we often see these days. The used car market provides a more affordable option for people who need a car but cannot afford a new one, and it provides these options at nearly every price point.
Finally, the used car market provides a greener alternative to buying a new car. Instead of spending resources on manufacturing a new car, buying a used car extends its lifespan and reduces the need for new cars to be produced. With the dominant position Tesla has in the market, its repeated price cuts in 2023 have had a larger impact on the whole EV industry, including the used car market.that we’ve written about repeatedly here. Among the new things is the ability to get a tax credit, and later a point-of-sale rebate, on used cars, which eventually will provide serious savings for people at all income brackets.
As EVs drop in price, especially “beater” EVs like an old Nissan LEAF , we’re putting electric vehicles in reach of young people. Not everybody gets a great career going and achieves the income to buy luxury cars, but putting EVs on the lower rungs of the economic ladder benefits EV manufacturers later. Instead of seeing EVs as an impossible dream for the rich, people can get an early taste of EV driving and climb the electric ladder instead of the ICE ladder.
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