With new electric vehicle sales approaching a record 7% of the total US auto market, the used EV market is beginning to pick up. According to new data from Cox Automotive, used EV sales were up 32% in the first quarter, with a clear new path to increase rapidly.
Although used EV sales have lagged thus far, as new electric vehicle sales continue climbing at a record pace, more used models are now becoming available. Cox Automotive is forecasting new electric vehicle sales will reach close to 7% in Q1, surpassing over 225,000 units and more than doubling from 3.1% in 2021.
In October, Electrek reported on how used EV prices were finally beginning to stabilize after the average used electric vehicle price soared last summer, with buyers scooping up higher-priced models entering the market.
The most recent data shows the average price of a used EV was roughly $43,400, down 4% from last year and well below the average cost of a new model (around $59,000).
As the report wisely points out, the lower prices are most likely a reflection of Tesla’s recent price cuts. After selling over 1.3 million vehicles last year, many in its domestic market, Tesla held its dominant position, representing over 60% of US EV sales despite new competition entering the market.
Tesla store (Source: Tesla)
As a result, Tesla’s price adjustments have influenced much of the market, with several automakers, like Ford, following suit.
As Tesla and other EV makers continue ramping up production, more people are trading for newer, more technologically advanced models, meaning more used EVs are available.
Used EV sales doubled in two years, set to intensify further
According to the report, retail used EV sales (those sold through a licensed dealership) increased by 32% year-over-year (YOY) to 42,756 in the first quarter. However, the trend is only expected to accelerate from here, as Jonathon Smoke, chief economist at Cox Automotive, points out:
Our data sets indicate used EV sales will begin increasing rapidly from here, following a clear path set by new sales.
Used electric vehicle sales doubled in the first quarter compared to Q1 2021 and are set to grow even further.
Consumer sales of retail used EVs (Source: Cox Automotive)
Used EV transaction volume at Manheim, the largest US wholesale vehicle marketplace, increased by 40% to 9,800 in the first quarter compared to last year.
The trend is only expected to intensify from here, with analysts forecasting new EV sales in the US will reach one million for the first time this year.
Electrek’s Take
The data from the report doesn’t come as a surprise. It’s more a reflection of the state of the market and where it’s headed in the future.
As new EV sales continue smashing records, more used EVs will become available as buyers trade up for the latest tech and features or more range. Used EVs are also eligible for a tax credit of up to $4,000, which is expected to accelerate the adoption of zero-emissions vehicles further.
With Tesla delivering another record performance in the first quarter, beating expectations again, you can expect more of the same. Furthermore, Tesla just slashed prices across its entire lineup on Friday, suggesting used EV prices could have further to fall.
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While much of the Western world is still figuring out how to get more people on electric bikes, China just flipped a switch, and the results are staggering. Thanks to a generous nationwide trade-in program rolled out around six months ago, China has seen an explosive surge in electric bicycle sales, with over 8.47 million new e-bikes hitting the road in the first half of 2025 alone.
The program, which offers subsidies to riders who trade in their old, often outdated electric bikes for newer, safer, and more efficient models, has sparked a new e-bike sale boom in a country already dominated by e-bike travel. In major provinces like Jiangsu, Hebei, and Zhejiang, over one million new e-bikes were sold in each region in just six months. That’s a tidal wave of e-bike sales.
The incentives vary depending on location and the model being traded in, but for many consumers, the subsidies cover a substantial portion of a new e-bike’s price – enough to turn a “maybe next year” purchase into a “right now” upgrade. And these aren’t just budget bikes either. The program has driven demand for higher-quality models with better batteries, safer braking systems, and more reliable electronics, accelerating both adoption and innovation across the industry.
The move has proven successful in replacing the millions of older models with lower-quality lithium-ion batteries that had posed safety risks around the country. Instead, China has pushed for higher-quality lithium-ion batteries, a return to a newer generation of higher-performance AGM batteries, and even interesting new sodium-ion battery options.
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Most e-bikes in China look more like what we’d consider seated scooters
According to China’s Ministry of Commerce, more than 8.4 million consumers have participated in the e-bike trade-in program so far, contributing to a sales increase of 643.5% year-over-year and more than doubling sales month-over-month. Meanwhile, production of new electric bicycles rose by nearly 28%, as manufacturers scrambled to meet demand. The sales boosts have already been seen in the financial reports of major industry players like NIU.
And it’s not just the big players benefiting – over 82,000 small independent e-bike dealers reported average sales increases of ¥302,000 (around US $42,000), giving a serious boost to local economies.
What’s particularly striking here is how fast this happened. The program was officially launched late last year as part of a broader effort to stimulate domestic consumption and phase out outdated vehicles and appliances. But while most analysts expected gradual growth, the e-bike sector responded much more quickly. In less than a year, the trade-in subsidies have reshaped the electric bicycle market, creating a consumer-driven boom that shows no signs of slowing.
For those of us watching from outside China, it’s hard not to wonder what might happen if other countries tried something similar. While most families in Chinese cities already own an electric bike and thus see this as an opportunity to trade it in for a newer model, Western countries like the US are still figuring out how to stimulate commuters into buying their first e-bike.
It’s too soon to know exactly how long the boom will last or whether the momentum will carry into 2026 and beyond. We’ve seen bicycle industry bubbles grow and burst before. But one thing’s clear: with the right incentives, even modest ones, it’s possible to ignite real, large-scale change. China just proved it with nearly 8.5 million new e-bikes to show for it.
And if you’re wondering what it looks like when a country takes electric micromobility seriously, this is it.
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Today was the official start of racing at the Electrek Formula Sun Grand Prix 2025! There was a tremendous energy (and heat) on the ground at NCM Motorsports Park as nearly a dozen teams took to the track. Currently, as of writing, Stanford is ranked #1 in the SOV (Single-Occupant Vehicle) class with 68 registered laps. However, the fastest lap so far belongs to UC Berkeley, which clocked a 4:45 on the 3.15-mile track. That’s an average speed of just under 40 mph on nothing but solar energy. Not bad!
In the MOV (Multi-Occupant Vehicle) class, Polytechnique Montréal is narrowly ahead of Appalachian State by just 4 laps. At last year’s formula sun race, Polytechnique Montréal took first place overall in this class, and the team hopes to repeat that success. It’s still too early for prediction though, and anything can happen between now and the final day of racing on Saturday.
Congrats to the teams that made it on track today. We look forward to seeing even more out there tomorrow. In the meantime, here are some shots from today via the event’s wonderful photographer Cora Kennedy.
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The numbers are in and they are all bad for Tesla fans – the company sold just 5,000 Cybertruck models in Q4 of 2025, and built some 30% more “other” vehicles than it delivered. It just gets worse and worse, on today’s tension-building episode of Quick Charge!
We’ve also got day 1 coverage of the 2025 Electrek Formula Sun Grand Prix, reports that the Tesla Optimus program is in chaos after its chief engineer jumps ship, and a look ahead at the fresh new Hyundai IONIQ 2 set to bow early next year, thanks to some battery specs from the Kia EV2.
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