Used Battery Electric Vehicle Market: Is it Charged Up?
The used battery electric vehicle (BEV) marketplace will see a flood of new entries, more than 100, in the coming years. As more BEVs are placed on secondary marketplaces, many consumers will be interested in knowing the total cost of ownership. This will be especially true as the segment matures and purchasers shift from enthusiasts and early adopters to mainstream budget conscious buyers. J.D. Power and ALG experts share their insights regarding the BEV gains made in terms of value retention, residual values and total cost of ownership during the next Valuation Services’ “Golden Age of Used Vehicles Podcast” episode.
David Paris, senior manager of market insights with J.D. Power Valuation Services and Cari Crane, director of industry insights with ALG a Division of J.D. Power, join Jack Nerad, automotive author, journalist, radio host, North American Car of the Year Vice President and Motor Press Guild President to kick off the series with the fifth episode, “Used battery electric vehicle market: is it charged up?”
“Tesla has really always been this rock star brand with their followers. They continue to do really well with retention. Their retention rates mirror that of their ICE (internal combustion engine) counterparts. We are seeing improvements in the others (battery electric vehicle brands).” – David Paris, senior manager of market insights with J.D. Power Valuation Services
“We’re really starting to see that rapid growth in BEVs (Battery Electric Vehicles). J.D. Power is expecting BEVs to grow market share by 1 to 2% per year through 2025. It’s going to be a very competitive space.” – Cari Crane, director of industry insights with ALG a Division of J.D. Power