Electric vehicle sales have continued unabated this year. 2024 is a watershed year for the new and used electric vehicle markets in the United States.
Year-to-date sales of new EVs have increased by 7% and surpassed 1 million through the first ten months. As of October, the number of new electric vehicle sales stood at 106,155, a 2.3% increase over the last month. Total new EVs on the market now stand at 7.9% of new cars sold, signaling their increasing penetration into the total market despite a general slowdown in the industry.
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The used electric vehicle market is also rapidly increasing with a 64 percent year-on-year increase. In October, 23,788 used electric vehicles were sold, a 39.5 percent increase compared with the same period last year. At the same time, the average list price of used electric vehicles, which fell by 6.4 percent to $37,912, made such vehicles more available to buyers in theory. The price drop forms part of the general trend towards affordability in EVs.
It simply points to how consumers are adapting themselves to electrocution, brought out by praiseworthy incentives, attractive leasing offerings, and reduced pricing in new and used markets alike. All these coupled with certain hiccups make the EV market still a strong and changing force in the automotive industry.