Used EV prices have been a rollercoaster over the past few years. Still, it appears that the cancellation of the EV tax credit has had a positive effect. Tesla's used prices have finally started to rise after trending downward for more than a year. Surprisingly, the Model S and Model X saw the biggest hikes, showing that Tela's decision to retire them in June might have been rushed.
In the years after the 2020 pandemic, demand for new cars has been so high that carmakers could barely keep up. One reason was the pandemic relief funds that flooded the market at a time when people stopped spending. When they finally started looking for things to buy, manufacturing ground to a halt due to supply chain bottlenecks. This combination created the perfect storm, raising the prices of both new and used vehicles.
Read Article