SEATTLE, Jan. 10, 2022 (GLOBE NEWSWIRE) — Recurrent, the car industry’s leading analyst of electric vehicle (EV) battery health, today released its Q1 2022 Used Electric Car Buying Report. Most notably, the report found that EV demand drove up sales and prices across different makes and models, indicating a continued rise in consumer confidence along with limited supply. Tesla benefitted the most, as its used sales nearly doubled the closest competitor and pricing on its new and used vehicles saw double-digit increases over the course of 2021.
The report looks at the overall EV selling market, prices of used EVs, pricing differences between EVs and internal combustion engine (ICE) cars, an update on the Chevy Bolt recall, the top EV models from Q4, changes to Tesla pricing and the impact weather has on range.
“I look back at 2021 as an exciting year for electric vehicles in terms of overall market growth, as well as the all-electric commitments from manufacturers that will continue to spur adoption,” said Scott Case, CEO and co-founder of Recurrent. “If price comes from the tension between supply and demand, let’s hope the industry can produce more electric cars this year because people certainly want them.”
With electric trucks being a theme for 2022, demand for EVs will also come from new portions of the automotive market. Add in aggressive EV infrastructure plans along with a revamped tax credit system, and the EV market is poised for further growth this year.
A few additional key findings from the report include:
- Tesla quietly raised the base price on all of its models last year, as much as $25,000 on its luxury Model S. Prices might level off once the company opens its new manufacturing plants.
- Used car prices climbed all year, with a little leveling off in Q3 before climbing again. Used EV prices were up about 15% overall, and a Kelley Blue Book report found that there was a 60% increase in used EV sales year-over-year – really highlighting the growth and interest in the EV market as well as it’s resiliency against other market pressures.
- Upfront costs for a new EV remain higher than that of an ICE car, which can still be a roadblock for some buyers. However, one third of used EVs are available for under $25,000 and over half for $30,000.
- Following the Chevy Bolt recalls, batteries are being replaced, and owners are essentially getting their odometer reset to zero with an 8-year/100,000-mile warranty. Also, used Bolt sales saw a 74% decrease in sales, with the thinking being that Chevy bought them off dealers so they wouldn’t hit the streets with faulty batteries.
For more information on Recurrent, visit https://www.recurrentauto.com/.
Recurrent was founded in 2020 with the goal to provide more transparency and confidence in pre-owned electric cars. Through its comprehensive battery reports for EV owners, buyers and sellers, it aims to accelerate the overall adoption of electric vehicles. To learn more about Recurrent, visit https://www.recurrentauto.com/.
Uproar PR for Recurrent