Tesla’s Steep Price Cuts Help Get the Used EV Market Humming
Sales jumped 70% in the first half of this year as US car buyers seized on more affordable options.
Customers are increasingly buying used electric vehicles amid falling prices.
Photographer: Amy Osborne/BloombergSince early last year, the cars rolling off Tesla Inc.’s California assembly lines have been selling for steadily lower prices. This has had a happy knock-on effect on a car lot just across the freeway from the company’s San Francisco Bay area factory.
CarMax Inc.’s superstore in Fremont, California, has seen a stream of shoppers more willing than ever to kick the tires on an electric vehicle. While Tesla’s price cuts aren’t all that’s driving the foot traffic — the range of pre-owned plug-in models to choose from is steadily broadening — Elon Musk’s early dominance of the market for new EVs has translated to serious sway over used-car dynamics.