A new trend is forecast for 2023.
The future of used car sales is getting a lot of attention.
The signs are that things are changing a lot for such purchases throughout 2023 and beyond.
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Cox Automotive, a provider of automotive technology and services, writes in an April 7 press release that sales of new electric vehicles (EVs) in 2023 will exceed 1 million units for the first time.
Cox also writes that used EV sales have lagged the new-vehicle market, but it’s important to note that that’s starting to change.
“Every new vehicle eventually becomes a used vehicle,” Jonathan Smoke, chief economist at Cox Automotive, said in the news release.
“Our data sets indicate that used EV sales will start to rise rapidly from here, following a clear path set by new sales,” he adds. “In the first quarter, our team in Manheim processed a record number of used EVs in the wholesale market.”
In the first quarter of 2023, the median price of a used EV was about $43,400, Cox writes. That was down 4% from a year ago, and well below $59,000 or so for an average new EV.
It’s a dramatic change, and it means the price of used electric vehicles, including Tesla. (TSLA) – Get a free reportIt will be a story to watch for used car buyers now and in the future.
“There is no question that the shift to electric vehicles is having a profound impact on the larger automotive market,” Joe George, president of Cox Automotive Mobility, said in the news release.
“As more EVs convert to used EVs, we are building our capability to help the industry accurately value each vehicle and, more importantly, provide the industry with the necessary services throughout the entire life cycle. of an electric vehicle, to the management of the battery at the end of its useful life.”
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