It's good news for buyers and sellers of used electric vehicles: The marketplace is thriving.
According to Cox Automotive, the sales of used EVs in the United States increased 7.4% month-over-month in December, with sales compared to the same month in 2023 rising a whopping 76%.
Meanwhile, the used EV market also made up a record 1.9% of all vehicle sales in the U.S.
Seasoned motorists might have questions and areas of confusion regarding selling an electric vehicle. While regular maintenance checks for internal combustion engine cars can provide a "wellness report" of sorts, electric vehicles need comparatively little maintenance, meaning drivers perhaps don't quite know the full extent of their car's health.
That can be especially concerning for used EV buyers, who want to be sure the car they are purchasing is in good condition.
Startup company Recurrent has stepped in to solve those problems. EV owners can sign up for free to find data and information about their vehicles that will be helpful not just when it comes to possible sales but throughout the entire time they own the vehicles as well.
Importantly, Recurrent can help track battery performance, which is among the most crucial factors prospective buyers consider when investing in an electric vehicle — whether new or used.
Thanks to this information — which can be obtained easily after passing on your license plate or vehicle identification number — you can add an average of $1,400 to the price when you do decide to part with your EV.
Cox Automotive noted that the supply of used EVs has fallen slightly, with a 0.6% month-over-month decrease in December and a 36% drop in supply compared to the last month of 2023. But that just means that when you decide to sell your old EV and upgrade to a new one, there are plenty of buyers around looking to snatch up a great deal.
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Cost 💰 When you're ready to put your EV on the market, Recurrent can also help connect you with local and national dealers to get you the best price.
"What we're trying to do is provide transparent information to the seller and the buyer of each car, and that builds confidence and makes the used EV market function better," Recurrent CEO Scott Case told The Cool Down.
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