The used EV market is getting weird.
Like its 2021 again, used car prices are rising.
Gas prices and higher demand are making cheap EVs an appreciating asset, according to a new report.
It's common wisdom that a car starts shedding value the second its tires leave the dealer's lot. That's especially true for electric vehicles, which have seen brutal depreciation in recent years thanks to a whole host of factors—tax incentives, price wars, rapid tech improvements, and concerns around battery longevity among them.
This is why it's so weird to see that used EVs have actually been gaining value lately. According to a new report from Recurrent, which evaluates vehicle battery health and tacks the used EV market, secondhand EV prices are up 5.1% since January. Vehicles under $20,000 have seen the biggest increase, up 9.4% from January through June.
