Used electric vehicle (EV) sales are surging, with March data showing a 27.7% increase compared to the previous month, according to a report from CNBC.
As more affordable EVs appear on used-car lots, buyers are increasingly considering the long-term ownership costs, which can differ significantly from those of traditional gas-powered vehicles.
The growing popularity of used EVs reflects broader trends in the automotive market, including slowing demand for new EVs and a price war among automakers.
Chinese EV producers, for example, are under pressure to maintain market share amid overcapacity and declining sales.
This has led to aggressive discounting and innovation in features like in-car AI, though these technologies are quickly becoming commoditized.
The shift toward used EVs also highlights the importance of understanding the total cost of ownership.