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Low-cost used EVs have doubled in number over past year, and have driven a lot less than you think

Compiled by ADME Newsroom from 1 source

First reported by The Driven · 29 October at 3:27 pm

Who's covering this — 1 article

EV specialists: 1

Image: The Driven

The quick read

Full coverage

The DrivenEV specialists29 October at 3:27 pm

Low-cost used EVs have doubled in number over past year, and have driven a lot less than you think

Cars under $35,000 now account for a quarter of all used EV sales, double the share a year ago, and almost half are dealer demonstrators, and have little on the odometer. The post Low-cost used EVs…

Read at The Driven →

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← Newsroom/EVs & hybridsDealers & retailSales & market

Low-cost used EVs have doubled in number over past year, and have driven a lot less than you think

Compiled by ADME Newsroom from 1 source

First reported by The Driven · 29 October at 3:27 pm

Who's covering this — 1 article

EV specialists: 1

Image: The Driven

The quick read

Cars under $35,000 now account for a quarter of all used EV sales
Almost half of these low-cost used EVs are dealer demonstrators with little odometer reading
The share of used EV sales under $35,000 has doubled in the past year
Low-cost used EVs have driven a lot less than expected

For dealers: Australian dealers need to reassess their used EV pricing and stock mix to remain competitive in a market where affordable options are gaining traction

AI-assisted summary of the coverage below — check the original reporting before relying on specifics.

ADME commentary

The ADME angle

The rapid growth of low-cost used EVs under $35,000 presents a significant opportunity for dealers to attract price-sensitive buyers who may have been deterred by the high cost of new EVs

Pricing and Margin Pressure

Dealers who fail to adapt to this shift in the market risk seeing their used EV sales decline as buyers flock to more affordable options, with almost half of these low-cost used EVs being dealer demonstrators with minimal wear and tear

The fact that these low-cost used EVs have driven a lot less than expected suggests that they have been largely used for demonstration purposes, making them an attractive option for buyers looking for a nearly new vehicle at a lower price point

Competitor Response and Market Share

As the share of used EV sales under $35,000 continues to grow, dealers will need to be strategic in their pricing and inventory management to maintain market share and stay ahead of the competition

Dealers who can offer a range of affordable used EV options, including dealer demonstrators, will be well-positioned to capitalize on this trend and drive sales growth

Actionable Insights for Dealers

This week, dealers can take a decisive action by reviewing their current used EV inventory and pricing strategy to ensure they are competitive in the market, and considering adding more low-cost used EVs to their stock mix to meet the growing demand for affordable options

Go deeper — ADME analysis