A key reason why used may be more appealing. . .

The fact there are leased EVs coming back and ending up in dealer lots in some number and so being less expensive by far than when they were new is indisputable.

According to the June “EV Market Monitor” from Cox Automotive, used EV sales are up 20.3% compared to what they were a year ago, undoubtedly reflecting the influx of vehicles.

And when it comes to pricing, the average listing price for a used EV in June was $38,342, which is actually up 7% compared to last year but still just $3,382 higher than a vehicle with an internal combustion engine—which listed at $34,960.

But looking at the new market, the average transaction price for an EV in June was $56,238 while the ATP for an ICE+ vehicle (the “+” signifies “hybrid”) was $49,558, or $6,680 less than the new EV.

So in the used space the EV is 9.7% more expensive but in the new space it is 13.5% more expensive than an ICE+ vehicle. And that is likely a price too far.

A data point for that is this: Director of Industry Insights for Cox Automotive Stephanie Valdez Streaty reports that the EV share of the new vehicle market in June was 5.4%.

Ain’t great.