Although consumer sentiment appears to be at a sustained low in the United States — inflation spiked in August in tandem with rising jobless claims — the New York Times reported that sales of electric vehicles took off in a big way.
In the current economic landscape, consumers remain cautious, curtailing their spending on both luxuries and necessities.
During a downturn, the automotive industry tends to be hit hard as potential customers shy away from long-term financial commitments. During the 2008 financial crisis, the federal government was forced to intervene, shielding American automakers from industry collapse.
In addition to fiscal anxiety, 2025 has been an eventful year for the electric vehicle market. Tesla, a brand that once looked unstoppable, was already facing increased competition from other automakers, and it endured volatile sales and a global backlash due to CEO Elon Musk’s polarizing political statements and actions.
These factors are known as “headwinds” in business parlance; external conditions that influence an industry or firm’s performance in a given period. And in spite of diverse and unrelenting headwinds, sales of used EVs are surging.
Although fully electric vehicles liberate drivers from the ever-present and fluctuating expense of gasoline, there’s a perception among consumers that EVs have a much higher sticker price. However, the National Resources Defense Council recently noted the difference is negligible.
As the Times observed, when it comes to pre-owned or used EVs, “often the opposite is true,” with electric models routinely priced lower than “comparable cars with internal combustion engines.”
Remarkably, the paper stipulated that those lower costs were based solely on the sticker price and didn’t factor in reduced or non-existent maintenance and fuel expenses for EVs.
For the month of July, pre-owned EV sales spiked 40%. Electric vehicle sales broke records in August, accounting for 9.9% of all cars sold in the U.S., while Tesla’s market share dipped to 38%.
The Times spoke to several people who purchased a used EV in the ongoing sales boom or prior to it, and drivers were notably enthusiastic. Floridian tech executive Todd Albert snagged a 2022 Audi e-tron and confessed to “gazing” fondly upon it from his balcony.
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“The best word I can use is ‘obsessed.’ I fall asleep at night thinking about it,” Albert admitted.
Cathy Velasquez Eberhart bought her Chevy Bolt in 2023.
“We haven’t spent any money on gas for two years,” she said.
Drivers looking to make their next car electric aren’t limited to the pre-owned market for major savings, either — September EV lease deals fell as low as $39 a month in some markets.
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