iSeeCars analyzed over 7.7 million used car sales from the last five model years. Their latest study reveals some fascinating results and intriguing data points. In today’s episode of CBT Now, Karl Brauer, executive analyst for iSeeCars.com, joins us to discuss the current trends in the used electric vehicle market.
iSeeCars’ recent study of the 100 Most Popular Used Cars in 2024 uncovered that the Ford F-150 was the most popular and best-selling used vehicle in 2024. The Chevrolet Silverado 1500 claimed the second spot, followed closely by the Ram 1500 in third place.
Brauer points out that the vehicle segment that had the most slippage in 2024 was used EVs. While some argue that EVs are seeing a lot of gains, they tend to depreciate faster than their ICE counterparts year over year. Tesla is still the dominant brand in the U.S. EV market. However, Teslas experiences the most depreciation year over year compared to other brands. However, they’re growing rapidly in popularity. The Model 3 and Model Y made it into the Top 100 list for used vehicle sales. The Model 3 secured the thirtieth spot, up from the 44th, whereas the Model Y achieved the 74th spot, up from the 129th spot last year. Brauer predicts that within the next few years, Tesla could enter the top twenty ranking for best-selling used vehicles.
Brauer highlights that used-vehicle shoppers tend to be highly value-oriented and often have only a single-car family or household. The data indicates that they’re willing to adopt electric vehicles. However, they must be competitively priced. Used EVs typically tend to be much cheaper than their used ICE counterparts.
The electric vehicle market is growing, but not as rapidly as many would believe and anticipate. In 2023, the EV market share for new vehicles was 7.4%. There was a marginal gain of 0.4%, landing at 7.8% for 2024. With less than an entire percentage point gain in a year, it’s doubtful that the market will get over 50% within the next 20 years. Furthermore, the changes in federal and regulatory policies during the Trump administration raise doubts about whether electric vehicles will experience the increase in demand needed to exceed that threshold.
"I think in twenty years, we will be at 50% [EV adoption]. I don't think they're going to grow as rapidly as a lot of people were predicting a year or two ago." – Karl Brauer
