New data shows that sales for new and used electric vehicles rose in August.
Gas prices continue to rise, forcing buyers to consider alternatives. Hybrids are wildly popular right now, offering a familiar driving experience that’s more economical. Some are going further and buying fully electric, and EV sales are rising.
According to new data from Cox Automotive, new EV sales rose 2.5 percent in August compared to July. Despite that increase, battery-electric vehicle sales are still down 46.9 percent compared to a year ago, when consumers rushed to buy an EV before the federal tax credit ended.
Out of nearly 79,000 EVs sold last month, Tesla accounted for just under 41,000 units, even as sales declined 3.8 percent from July. Toyota was second, with sales surging 34.9 percent to 4,964 units sold. It’s Tesla and then everyone else.
New EV prices continue to fall, with the average transaction price tumbling 1.3 percent in August and 2.8 percent year over year. It’s still higher than a combustion-powered vehicle, but nearing parity—$54,754 versus $49,907.
2027 Tesla Model Y L
Used EV sales are really cooking. According to Cox, they are up 25.9 percent for the month and 14.7 percent for the year, with 44,350 units sold. The return of off-lease models is giving buyers plenty of affordable choices.
Cox reports that the average listing price of a used EV was down 1 percent in August compared to July at $37,441. That’s far cheaper than a new vehicle, gas or electric, but it’s 8.2 percent higher than a year ago.
Just like with new EVs, Tesla dominates the used market as well, accounting for nearly 30 percent of all used EVs sold last month. Despite that, brands like Nissan and Kia saw sizable sales gains of 45.1 percent and 32.1 percent, respectively.
Popular models continue to be the Tesla Model 3, Tesla Model Y, and Ford Mustang Mach-E. These models saw the largest month-over-month volume increases, according to Cox Automotive.
Motor1’s Take: The latest data reveals consumers are looking for ways to save money. New EV sales aren’t popping off like used ones, but the used market is bigger than new, and an off-lease EV is the perfect car for cost-conscious buyers looking to wean themselves off the pump.
What The Data Shows
Source:
We want your opinion!
What would you like to see on Motor1.com?
– The Motor1.com Team