EV buyers took advantage of the final federal tax credit days, while average prices edged up for new EVs and continued to decline for used models.
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Consumers are buying up electric vehicles ahead of the Inflation Reduction Act’s tax credit expiration amid strong demand and tight inventory.
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The used market especially benefits from consumers seeking more affordable alternatives than those offered in the new car segment.
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While inventory is growing, vehicles are moving off lots faster than they were a year ago.
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EV sales surged in July as buyers moved quickly ahead of the tax credit deadline, with new and used markets showing strong growth and prices adjusting to meet demand.
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Demand remains strong as affordability challenges in the new market push consumers towards used options, with the market also benefiting from lowering credit rates and improved credit access.
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June figures show that for the first time this year, days’ supply of used vehicles is nearly flat compared to levels seen in 2019.
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Enough vehicles are sitting on lots as vehicle days’ supply hovers above last year’s levels, and sales volume lingers well below available inventory.
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Wholesale appreciation trends have been more volatile over Q2 as tariffs affected new sales and supply, and the used marketplace.
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The electric vehicle market looked like a grab bag of trends as industry pressures and market dynamics shift.
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