Gossip
While sales of brand-new electric cars have begun to decline, secondhand EV sales are rising.
Both the quantity of used electric vehicles available for purchase and the number of individuals wishing to acquire them have increased as a result of a variety of variables. Tax benefits, price reductions, and an abundance of low-cost Tesla models resulting from Tesla’s own pricing reductions on its new cars and SUVs are some of the causes.
Searches for used electric vehicles on Cars.com, a website that lists dealers for both new and used cars, had climbed by 45% from the previous year. The first quarter of this year saw a 39% increase in interest in EVs over the same period last year on True Car, another website that assists consumers in finding new and used cars. Used EV sales on Carvana, a website that sells used cars, had more than doubled from the previous year.
One reason is that federal tax incentives are now available for used EVs as well as new ones, and they come at a perfect moment.
The dealership can use the $4,000 federal tax credit for pre-owned electric vehicles as a price reduction during the transaction, saving the buyer from needing to wait until they file their taxes to receive the money.
However, not every dealership is prepared to handle the paperwork. Additionally, there are restrictions on the automobiles that qualify and on the buyer’s income.
An executive at a Georgia auto dealership, who wished to remain anonymous due to restrictions on discussing sales tactics with the media, stated that since he began marketing the fact that his dealership could apply tax credits at the time of sale, instantly reducing the price by $4,000, used EV sales have increased significantly.
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