People bought a lot more used electric vehicles in 2024. Here's what to know before you buy.

Mike Taylor on Feb 18, 2025

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As electric vehicles grow in popularity, car buyers are charting a path toward a safer, less oil-dependent future.

New EVs aren't the only driving factor here. Sales figures for used EVs soared in 2024, growing 61.3% year-over-year in November, while sales of new EVs rose by 13.6% within a similar time frame.

The General analyzed Cox Automotive and Kelley Blue Book data to explore this trend and share what consumers need to know before buying a used electric vehicle, as well as what EV sales growth means for the auto industry.

Though many factors determine EV purchases, cost plays a major role. According to Cox Automotive, average listing prices for used EVs have fallen by roughly 10% year over year as of November 2024. Additionally, leading EV manufacturer Tesla slashed prices multiple times in 2024.

The EV market has expanded significantly due to these lower costs, as The New York Times reported in June 2024. "We're seeing younger people," Alex Lawrence, a used EV dealer in Salt Lake City, told the Times. "We are seeing more blue-collar and entry-level white-collar people. The purchase price of the car has suddenly become in reach."

New regulations are boosting the movement, too. The Biden administration's Inflation Reduction Act provides up to $4,000 in clean vehicle tax credits for used EV purchases, a consumer incentive that may be in jeopardy under the Trump administration.

Beyond the price tag, many consumers purchase EVs because of sustainability concerns. A survey published by Rare in April 2024 found that both current EV drivers and potential buyers were interested in electric vehicles because of environmental benefits.

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