EV Market Ready to Break Records Again

The average transaction price for new EVs has slightly decreased and used EV prices are nearing parity with those of traditional vehicles.

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November 26, 2024

EV Market Ready to Break Records Again — New EV sales growth was fueled by incentives and leasing options, with incentives equal to 13.7% of the average transaction price.
Graphic: Cox Automotive

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The U.S. electric vehicle (EV) market is on track for another record-breaking year, with October showing growth in both new and used EV sales, according to sales figures released Nov. 25.

During this period, the gap in days’ supply between new EVs and new traditional models remained wider than the gap for those vehicles in the used market.

Meanwhile, the average transaction price for new EVs has slightly decreased and used EV prices are nearing parity with those of traditional vehicles despite fluctuations in the price premium.

New EV Sales: In October, new EV sales reached 106,155 units, marking a 2.3% increase monthly and pushing the year-to-date total over 1 million units. This growth was fueled by incentives and leasing options, with incentives equal to 13.7% of the average transaction price. Additionally, year-to-date through October, new EV sales have risen by 6.8%.

Used EV Sales: Used EV sales continued to grow steadily, reaching 23,788 units and maintaining a 1.6% market share. Year-to-date through October, used EV sales are up 63.5% compared to the same period last year.

New EV Days’ Supply: In October, the new electric vehicle days’ supply was 101 days. This marks a 6.3% increase from the previous month but a 9.4% decrease compared to the same period last year. The variance indicates a short-term rise in inventory but an overall tightening of supply year over year.

Used EV Days’ Supply: The used EV days’ supply closely tracks internal combustion engine plus (ICE+) models. In October, the used EV days’ supply was 48, just above the 46 days for ICE+ models. It remains stable month over month but is down 22.1% year over year, highlighting the tightening of used EV inventory.

The used EV aveage listing price remains down 6.4% compared to the previous year.
Graphic: Cox Automotive

New EV Average Transaction Price: Reviewing pricing trends, the average transaction price for new EVs in October was $56,902, reflecting a 1.2% decrease month over month and remaining flat year over year. Notably, October saw the smallest price premium compared to ICE+ vehicles this year, with the EV price premium at $8,790.

Used EV Average Listing Price: The average listing price of used EVs increased month over month in October to $37,912. However, it remains down 6.4% compared to the previous year. The smallest used EV price premium this year was in April at $1,489, compared to $4,790 in October.

Topics:Electric Vehicles Used Cars Days Supply New Car Sales Green Fleets Vehicle Resale Values Green Fleet

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