Used US electric vehicle sales have increased following price cuts. In Q1 of 2023, EV sales jumped 32% as average prices came down around 4% from the previous quarter and about $16K from the previous year.
🤑 Tax credits. We've not talked about the Used Ev Tax Credits much. Single buyers earning between $75K and joint fliers up to $150K can receive credit for 30% of the value of a used EV priced $25K or less. The credit is capped at $4K.
📈 New EVs are doing ok too. In the same period, new EV sales rose over 225K, accounting for about 7% of all new-vehicle sales in the US.
✄ Prices are still getting snipped. Tesla just announced a new round of discounts. Most of the brand's models received cuts between $1,000 and $5,000.