☀️New, used EV prices have dropped, but don’t rush to buy.
🚗 Prices for new and used electric vehicles have dropped, but it's not a consumer-friendly market right now, warns analyst Joseph Yoon.
Used EV prices fell almost 30% since June 2022, while new EV prices dropped nearly 20% from their peak of $66,390.
🔎 Reasons for caution: Costs of new EVs are still high, and there are risks associated with buying a used EV. Manufacturers have been cutting prices to stay competitive, and incentives like tax credits have also contributed to the decline in average prices.
🚙 However, larger EV models are still expensive, and options for SUVs are limited.
🔍 The used EV market is still developing, and it's uncertain how lower prices on new EVs will impact the market.
⚡️ When shopping for a used EV, consider battery life, utility, and charging time. Take a test drive and get a professional inspection.
💡 Alternatives to buying new or used EVs: consider plug-in hybrid vehicles or leasing an EV.
🔌 Leasing an EV can be a smart option, especially as it may qualify you for the $7,500 tax incentive.
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