Recurrent's Used Electric Car Prices and Market Report shows a significant increase in electric vehicle sales from 2023 to 2024, according to The Cool Down.
Recurrent, a startup that offers free resources to sell used EVs, based its findings on market research data from 2024. It showed a 63% increase in EV sales from 2023 to 2024.
The main reason for this was attributed to the uncertainty of whether a $4,000 federal rebate for used EVs would continue under President Donald Trump, causing a spike in sales during the first quarter of the year.
Recurrent expects used EV sales to continue to grow as leases are returned. In addition, battery prices for EVs has seen a 20% decrease.
“The used car market is more than twice the size of the new car market,” said Recurrent CEO Scott Case. “Every car can be sold new once but gets sold used typically two more times, and so in a lot of ways, it's a more important market than the new EV market.”
