May 21, 2024 - News

Ohio EV buyers turn to used cars

an illustration of a one dollar bill with a lightning bolt cut out of the middle

Illustration: Tiffany Herring/Axios

Electric vehicles are accounting for a larger and larger slice of used car sales.

By the numbers: EV sales made up 4.3% of sales on used car sales platform Carvana in the first quarter of 2024 — up from 1.8% in the same period last year.

Why it matters: It's another sign that there's finally a decent market for used electric cars — important for the overall EV transition, as new electric models still tend to be prohibitively expensive for many would-be buyers.

Zoom in: In Ohio, EVs accounted for 2.9% of Q1 used car sales on Carvana — respectable, but far lower than EV hot spots like Washington, D.C., (11.9%), California (9.6%) and Washington (8.9%).

Follow the money: EVs' average selling price on Carvana dropped 16% year over year, falling from $37,000 to $31,000 in Q1.

  • That's still pricey, but much less than $50,000-plus for the average new EV.
  • The EV premium — the average price differential of used EVs compared to their internal-combustion counterparts — fell from $13,000 to $7,000, Carvana says.

Between the lines: A credit of up to $4,000 for used electric and plug-in hybrid vehicles is making previously owned EVs even more affordable, per the sales platform.

Go deeper: Looking for EV sales growth? Check the used market.

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