Dealer lots are full of unsold EVs, and car companies—largely led by Tesla—have slashed prices on new models in an effort to sell them. The sharp decline in prices of used EVs could potentially broaden their appeal to budget-conscious buyers, analysts say. “The biggest competition for one- or two-year-old used vehicles is across the lot. Dave Katarski, operations chief for Feldman Automotive Group, a large dealer group in Michigan, said his stores have been selling more than 200 used electric cars a month, a significant increase from a year ago. While helping to alleviate inventory buildups now, it is likely to result in a flood of gently used EVs returning to the market in two to three years.

Source: Wall Street Journal October 14, 2024 06:27 UTC