According to the latest data from Cox Automotive, the U.S. electric vehicle (EV) market continues its rapid expansion, with both new and used EV sales showing significant growth. In September, new EV sales surpassed 100,000 units for the sixth consecutive month, representing 9% of total new vehicle sales — the highest market share for EVs to date. As the price gap between electric and internal combustion engine (ICE) vehicles narrows, EVs are becoming more accessible to a broader range of consumers, boosted by strong incentives in the new vehicle market.
New and Used EV Sales Surge in September
Despite a slight month-over-month dip, new EV sales in September reached 107,127 units, driven by attractive incentives and leasing options. The market share for EVs hit a record 9%, signaling that the U.S. is nearing the 10% milestone in new vehicle sales for electric models.
Used EV sales also showed steady improvement, with 26,626 units sold in September, accounting for 1.7% of the total used vehicle market. Although the used EV market remains small, it has consistently grown over the past year, though it has yet to exceed a 1.8% share of total used sales.
Additionally, the supply of new EV days—an indicator of how long vehicles remain on dealer lots—remained stable, underscoring continued demand. In September, the supply of new EV days was 93, a 2% month-over-month increase and 1.9% higher than the same period last year. The steady supply and discounts suggest a strong market for new EVs.
In the used EV market, days’ supply narrowed the gap with ICE vehicles. In September, used EV days’ supply stood at 47, compared to 45 for ICE models, reflecting increased turnover for used electric vehicles.
Moreover, the average transaction price (ATP) for new EVs in September was $56,328, a slight 0.5% decrease from the previous month. However, prices remained stable year-over-year. Generous incentive packages, averaging more than 12%, have played a crucial role in keeping new EV prices competitive, significantly higher than the industry average of 7%.
For used EVs, the average listing price in September increased marginally to $37,260 but remained 8.4% lower than the previous year. This price trend is pushing used EVs closer to price parity with traditional ICE models, making them more attractive to budget-conscious buyers.
The ongoing growth in the EV sector, alongside stable inventory and decreasing prices, suggests a bright future for both new and used electric vehicles in the U.S. As manufacturers ramp up production and government incentives continue, EV adoption is expected to accelerate further.
