Used Plug-in Electric Cars Sell Faster compared to Conventional Vehicles

Used Plug-in Electric Cars Sell Faster compared to Conventional Vehicles

Electric vehicles are gaining popularity among consumers and management of automobile companies but there is another segment in which they are selling fast, the used car market. As per data collected by iSeeCars, 6 of the fastest selling used cars in the U.S. are either electric or hybrid. Consumers are ready to pay a premium for some of the most popular electric vehicles in the used car market.

As per data collected by iSeeCars, electric cars stay in dealer lot for an average 22 – 26 days. Tesla Model S remains hot favorite. With substantial price drop compared to brand new Tesla Model S, the used variant stays for 26 days on an average in dealer lots. Ford Fusion Energi also remains for 26 days on an average in dealer lots.

Among other popular EV or hybrids in the used car market are Nissan Leaf, Toyota Prius Plug-In Hybrid & Prime, BMW i3 and Fiat 500e. A recently published report suggests that Tesla electric vehicles have a long battery life. In first 50,000 miles, Tesla vehicles lose around 5 percent of their battery capacity. The study also suggests that Tesla vehicles face 10% battery degradation after 160,000 miles.

Battery degradation is one of the biggest concerns for electric vehicle owners. Earlier reports have suggested battery issues with Nissan Leaf and changing batteries for a used car can significantly increase cost of ownership for new owners.

As majority of automobile companies are working on new models for electric vehicle segment, the market for used electric and hybrid vehicles will surely see more activity in future.