BUSINESS

Used Electric Vehicle Sales Increased by 32% in Q1

May 13, 2023

Used electric vehicle sales in Q1 2023 were up 32% from the previous year, and the numbers were double what they were in Q1 2021.
Cox Automotive’s Manheim operations processed close to 9,800 EVs in Q1, a record high and an increase of 40% from Q1 2022.
Sites like Kelley Blue Book rely on Cox for trustworthy vehicle values, helping consumers find the best used cars for their needs.

Used electric vehicle sales are picking up speed, according to data from Cox Automotive. Historically, the market for used EVs has been slower compared to new EV sales, but this is now changing. As more used EVs become available on the market, buyers are quickly snatching them up.

The Numbers for Q1 2023

Manheim is the largest wholesale vehicle marketplace in the United States. According to their numbers, EV transactions continue to grow in volume. In Q1, they processed nearly 9,800 used EVs, which is a 40% increase from Q1 2022. Meanwhile, wholesale values of used EVs have seen a year-over-year increase of 3.7%.

Overall, the volume of used electric vehicle sales increased by an impressive 32% compared to the previous year, totaling 42,753 units. To really highlight the growth of the EV market, the Q1 2023 figures for used EV sales represent double the volume sold in Q1 2021. Two years of growth and consumer buy-in have been transforming the market.

Availability of used EVs is likely to expand quite rapidly in the future as more and more new EVs hit the market. To explain: In the first quarter of 2022, Kelley Blue Book estimated 167,000 new EVs were sold. However, initial estimates from KBB indicate that EV sales surged to over 250,000 units in Q1 2023, with EVs accounting for 7.2% of all new-vehicle sales. In short order, a lot of these new vehicles will go on the used market relatively soon when the 2024 model years start to come out.

Cox Automotive’s Role in EV Valuations

Cox Automotive has been valuing cars for almost a century, and now they’re working to accurately determine the value of each EV. As the used EV market continues to grow, Cox Automotive is leading the way in developing methods to assess EV battery health and diagnostics. They aim to establish industry standards in the inspection and valuation of EV batteries. This involves ongoing research and development, including the creation of an EV battery health mobile app at Manheim operating locations.

By focusing on these innovative approaches, Cox Automotive is ensuring that the evaluation and understanding of EVs keep pace with the evolving market, helping sites like Kelley Blue Book get accurate data for their used car values.