Collapse of used EV market spells doom for Biden's electric car dreams
(Unsplash)
(ISSUES & INSIGHTS) – Just as President Joe Biden starts showering hundreds of billions more of taxpayers’ money to “electrify” the nation’s fleet of automobiles, the bottom is falling out of the EV market. The latest indication is the sharp drop in prices for used EVs.
A report from iSeeCars.com, a search engine for auto buyers, found that the average price for all cars declined 5% in 2023 compared with 2022. But the resale price EVs plunged 33%.
While a used EV sold for an average of $52,821 in 2022, it went for less than $35,000 in 2023, which means they can be had for just slightly more than the average price for all cars. Even with this dramatic decline in prices, it took 40% longer to sell an EV in 2023 than it did the year before. Used gas-powered cars, in contrast, sold 10% faster than they did in 2022.
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