What EV Slowdown? Used Electric Car Sales Hit A Record High In March
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Used electric vehicle sales in the US hit a record high in March, with 42,924 units sold, despite a decline in new EV sales. The used EV market is thriving due to increased supply from off-lease vehicles and high gas prices.
The US used electric vehicle market is experiencing a surge, with sales reaching a record high of 42,924 units in March. This represents a 27.7% year-over-year increase, despite the end of federal tax credits in September. In contrast, new EV sales declined by 25% year-over-year. The used EV market is benefiting from a growing supply of off-lease vehicles, with over 1 million EVs expected to come off lease in the next two years. High gas prices are also contributing to the strong demand. As a result, the used EV market is becoming a growth engine for the industry.
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