It's going to be a good year to buy a used EV! The incentives were single-handedly propping up wholesale values of EVs/ Once dealers learned they could essentially use the tax credit as a down payment, it was used as an easy way to get credit-challenged consumers into a vehicle. I expect wholesale to finally reflect their true 'value' and with an expected higher amount of EV lease turn-ins the market will also have more supply, in turn driving down prices further.
This is going to address the #1 issue with EVs, affordability, not demand. There is, has been, and will continue to be demand for dedicated EVs. Of course they aren't going to work for everyone but in my corner of suburbia I'd venture to guess at least half of all families own an EV (mostly Teslas). But for the majority of consumers they are simply too expensive. Even entry level domestic models like the Bolt had insane MSRPs vs ICE counterparts. Early adopters with the financial means already took the leap. My hope is we start to see entry level EVs under $20k in the used market. Toyota has already slashed the MSRP of it's BZ4X $8k for 2025. They will get cheaper which is good for everyone.
