Used Teslas Are Selling Fast as the Rest of the Market Grinds To a Halt
Used car prices have increased dramatically over the past 6 years, but consumer patience for their high cost may finally be wearing thin, with the average used car taking 53 days to sell. Used electric vehicles, particularly Teslas, are selling faster than traditional cars, with February's EV number at 47.4 days compared to the overall average of 53 days on market.
The used car market is slowing down, with the average 1- to 5-year-old used car taking 53 days to sell, a 40.6% jump from a year earlier. Used electric vehicles are selling faster, with February's EV number at 47.4 days. Teslas are driving the used EV market, with their rapid sales pulling the average EV days on market down. The used car market has been increasing in days on market since August, with October seeing a 53.5% increase year-over-year. Used EVs are also taking longer to sell, with increases in monthly average days-on-market year-over-year starting in August. The used Tesla demand is keeping the overall used EV numbers strong.
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