In a major shift in the automotive industry, used electric vehicles (EVs) are now cheaper than their gasoline counterparts. This is the first time electric vehicles have lost their “premium” status, and prices have dropped dramatically over the past year. In June 2023, used electric vehicles were priced more than 25% higher than petrol cars, but in May they were 8% cheaper on average. That price gap widened from $265 in February to $2,657 in May, according to an analysis of 2.2 million used cars between one and five years old.
Over the past year, prices for used gasoline vehicles have fallen between 3 and 7%, while those for electric vehicles have fallen between 30 and 39%. This suggests that consumers no longer perceive electric power as adding value, making electric vehicles less desirable and therefore less valuable than traditional cars.
The price disparity is also evident in the luxury car market. For example, used BMW prices now significantly exceed those of comparable Tesla all-electric vehicles. A Tesla Model 3, which cost $2,635 more than a BMW 3 Series in May 2023, was priced more than $4,800 less than the 3 Series in May of this year.
The number of used electric vehicles on the market is also increasing, with more people selling their used electric vehicles than ever before. In 2022, 176,918 used electric vehicles were purchased in the US, a number that surpassed 45,000 in May alone. Because the used car market is larger than the new car market and used car values typically depreciate quickly, the influx of more affordable used electric vehicles is opening up the market to a wider range of potential owners of electric vehicles for the first time.
the mail Used electric vehicles are now cheaper than gas cars appeared first NewsGPT.ai.
English 
Español de Venezuela