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Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market while higher gas and vehicle prices are decreasing affordability.
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For the first time, used EV prices are exceeding the consumer price index for all used cars spurring sales and resales, according to the Q3 2022 Used Electric Car Market Report.
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The average listing price at the end of April was $28,365, surpassing the $28,000 mark for the first time since December 2021.
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At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
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The average listing price dipped again to $27,608, still off the December peak when it surpassed $28,000. But the average listing price was 28% above that of February 2021.
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Seasonally adjusted rates point to an inventory mix with more newer vehicles, which means fewer affordable options.
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Inventory has improved since last summer’s supply drought, but availability remains well below pre-COVID levels.
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Production will increase with an easing of the chip shortage later this year and sales will rise. Prices will stay high but likely off their records.
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Available inventory is still down 62% behind the same period in 2020. The days' supply as of December remained 48% below Dec. 2020.
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Analysis: A big drop of 20% to 30%, as one report suggests, is highly unlikely. History tells us a decline of more than 10% is rare indeed.
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