The gap between the price you pay for your new or used internal combustion engine vehicle and an EV is shrinking. The demand is off despite federal government incentives.
The average price of a new EV in May was $56,648, a drop of 15% from two years ago. Used EV prices have cratered by 42% when compared to last year.
That is leading to an inventory build-up at dealerships.
A record 1.2 million electric vehicles were sold in the US last year but that pace isn’t expected to continue going up in 2024.