Electric carsare all the rage right now in the auto industry, and it looks like consumers are catching on. In July 2021, the three fastest-selling used models were all EVs. People are scooping them up like pizza bagels at a potluck.
The chart-topping sales come as automakers across the industry announce their plans to switch to battery power. While EVs still only account for a tiny portion of the auto market, that’s all set to change as countries around the world push to transition off fossil fuels.
The three used EVs topping sales-speed charts
It’s no surprise that used Teslas are selling quickly. The game-changing automaker holds over 70% of the EV market. Used models would naturally run parallel to this stat.
The EV leader’s Model 3, the fastest-selling vehicle of the month, switched hands in 15.7 days on average.
Green Car Reportssays the car has topped the chart for five consecutive months.
Most shocking of all was the average price they sold for—$46,982. That’s over $5,000 more than the starting price for a new Model 3!
The Chevrolet Bolt EV took an average of 20.8 days to sell and went for just over $20,000 on average. Model S sold for about $64,200 in an average of 21.3 days.
Why prices for used EVs are so high
The average price for these used Tesla models might blow your mind, but they aren’t that different from the overall trend in this year’s used car market.
Used car prices skyrocketed across the board this summer as the fading pandemic caused an increase in demand amidst a crippling microchip shortage. Many models from the last few years reached prices on par with vehicles fresh off the assembly line.
The escalation of the market was so dramatic that it noticeably impacted the national inflation rate. Thankfully, the surge cooled off in the last two months, according to
Slate. Prices rose by only 0.2% in July, compared to June’s 10.5% gain.
How to save on a used car this year
It’s not easy to find a cheap used car this year, but a few tips might help you keep some extra money in your pocket after the transaction.
First off, try looking through private sellers in classifieds websites like Craiglist and Kijiji. Private sellers are less likely to be aware of the current, inflated market and mark their cars at prices at a more normal level.
If you do go the private route, make sure to be extra vigilant in getting the vehicle checked by a trusted mechanic and reading through its maintenance history. Buying from a private seller might give you access to a deal, but it also gives you less protection.
You can also save money by shopping for car insurance with Jerry. By presenting competitive rates from up to 50 providers, Jerry saves customers an average of $879 a year.
The savings keep coming even after Jerry finds you great insurance at the lowest price. Before every policy renewal period, you’ll be presented with new competitive quotes, which means you’ll always have the best coverage at the best price.