'Should I buy a used EV?'... Tesla Model Y transactions up 2.7-fold

[Financial News] Electric vehicles are rapidly gaining ground in the used-car market. Transactions have risen sharply, led by Tesla’s Model Y, and demand is also growing for domestically made mini and subcompact EVs.
According to industry sources on the 5th, Karrot’s analysis of peer-to-peer used EV sales data from January through October this year found that the number of individual listings rose 79% from the same period last year. Completed transactions also increased 54%, indicating a more active used EV market.
The rise in transactions for Tesla’s Model Y was particularly notable. Completed transactions for the Model Y increased about 2.7-fold year over year, far outpacing the 54% growth in used EV transactions overall. Over the same period, the number of people making purchase inquiries rose 88%, while individual listings increased about 2.9-fold. The Model Y had the highest number of completed transactions among all EVs, followed by the Hyundai Ioniq 5, Tesla Model 3 and Hyundai Porter II Electric.
The Model Y also drew strong interest in the imported used-car market. It ranked second in purchase inquiries in September and October, behind the BMW 5 Series. That put it ahead of the Mercedes-Benz E-Class and BMW 3 Series, which had traditionally held top spots.
The gap in purchase inquiries between the Model Y and the Kia Sorento is also narrowing rapidly. Last year, the Sorento drew about 4.2 times as many inquiries as the Model Y, but from January through October this year, the gap had narrowed to about 1.6 times. In October, it narrowed further to 1.3 times.
Demand is spreading beyond Tesla to EVs that are relatively more affordable. The number of purchase inquiries for the Kia EV3 increased about 2.9-fold year over year. Inquiries for the Tesla Model 3 also rose 35%, while completed transactions more than doubled. Completed transactions for domestically made mini and subcompact EVs, including the Kia Niro EV and Ray EV, also more than doubled for each model.
A Karrot spokesperson said, “Far more consumers are looking for used EVs at reasonable prices that reflect depreciation,” adding, “As interest expands to EVs across a range of price points and uses, we can see a trend in which EVs are becoming a mainstream primary-car choice, rather than remaining a second car mainly for early adopters.”
[email protected] Jang Min-kwon Reporter