Used EVs on the Move

Used electric vehicles are moving off dealership lots faster than any other drivetrain, despite prices rising year-over-year.

ISeeCars analyzed over 1.5 million used vehicles 1- to 5 years old, finding that used EVs sold 13 days faster than gasoline-powered vehicles in September and seven days faster than hybrids.

Used EVs averaged about 42 days on the market, down 10% reduction in selling time from last year. Hybrids were relatively flat at 48.6 days. On the flip side, gasoline vehicles increased 20% from to about 55 days.

Prices are rising along with the sales. The average used EV price in September was $32,533, a nearly 10% year-over-year increase. Hybrid prices rose 5% to $34,476, making the segment the most expensive drivetrain. Gas-powered vehicles were flat at $31,954.

“These pricing shifts reflect significantly different year-over-year trends across drivetrains,” said iSeeCars Executive Analyst Karl Brauer.

“Ongoing higher fuel prices are likely driving the shift, though the EV segment has also recovered from the demand turbulence caused by the loss of federal incentives a year ago.”

Luxury models were some of the fastest-selling used vehicles of the month, the Lexus IS 500, Audi A4 Allroad and Audi Q4 Sportback e-tron taking the top three spots. Electrified vehicles held the majority of the top 10 spots, or three EVs and three hybrids.

However, three of the slowest-selling vehicles were also hybrids: the Ford Escape plug-in hybrid, Lincoln Corsair hybrid, and Mercedes-Benz S-Class hybrid.

As for the largest year-over-year price increases, the BMW X2 led, but Tesla models S, X and 3 had substantial price increases.

Used vehicles with the largest price drops were the Chrysler Voyager, Lincoln Corsair hybrid and Audi A6.