Interest in EVs Keeps Growing on Cars.com

The rise of electric vehicles has been sharp over the past few years, with interest in new EVs jumping a whopping 692% since 2019 on Cars.com. Automakers have expanded their electric offerings to include everything from record-slaying super-sedans to three-row family SUVs, the latter of which is one of the hottest-selling types of vehicles across both electrified and internal combustion vehicles (so much so that we even bought one to test for a year).

Related: It’s a Great Time to Shop for an Electric Vehicle: Report

News around EVs hasn’t been all sunshine and rainbows lately, however. Ford recently delayed several of its upcoming EVs, including a three-row SUV, to focus on increasing its hybrid output. EV-only automaker Tesla announced plans to lay off over 10% of its total global workforce in May, including a significant chunk of its much-praised Supercharger network. Mercedes-Benz also backed off from its plan to sell only EVs by 2030. Meanwhile, Toyota, who was late to the EV game with its one fully electric model, has been thriving with its hybrid-heavy lineup.

Yet the demand for EVs is still there and growing among Cars.com visitors, especially among used-vehicle shoppers, who finally have more compelling choices. Used-EV shoppers also can take either $4,000 or 30% off of the vehicle’s purchase price through a new used-vehicle federal tax credit provided they purchase the car through a dealership and meet the income requirements. Here’s how Cars.com’s data paint the full picture of what’s happening with the EV market at the moment.

So Many More New EVs to Choose From

EVs haven’t just increased in variety — the number of new EVs on the market has increased by 186,000 since 2019, a 379% increase over that time. Searches for new EVs are up 20% year over year and up 5% from May; compared to the same time period in 2023, there has been a 7% increase in new-EV searches from January to June.

The downside is that a lot of that growth has been at the high end, price-wise. Average EV prices rose over $27,000 in the past five years, going from $36,182 in 2019 to $63,468 in 2024. That may start coming back down, though, as prices fell 4% — roughly $2,000 for consumers — over the past year. As we’ve previously noted, high EV inventory levels and incentives have no doubt played a role in the price decrease, and new all-electric models are increasingly being focused on budget-minded, mass-market consumers. EVs are no longer the sole domain of early adopters with lots of cash to spare.

Used-EV Interest Is Growing Even Faster

With more new EVs on the market come more used EVs — and more used-EV shoppers searching for deals. Demand for used EVs on Cars.com rose by 22% over the past five years, with the number of used EVs rising 245% (about 87,000 vehicles) since 2019. That demand has increased a lot this year in particular, with searches up 39% from January to June alone and rising 55% year over year.

Expanded federal incentives and decreasing prices have no doubt made used EVs a more compelling buy. Average used-EV prices have climbed 92% since 2019, from $19,228 to $36,908. However, that $36,908 average reflects a market that continues to recover from pandemic-era shortages, showing a 19% decrease from June 2023’s average price of $45,492. Over the past year, used-EV inventory grew 45%, with 38,000 more vehicles on the market.

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• Leased and Used Electric Vehicles Now Qualify for Federal Tax Credits
• Here Are the 11 Cheapest Electric Vehicles You Can Buy
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How EVs Compare to the Rest of the Market

Though the average new-EV price is still 30% higher than non-EVs, demand keeps growing. New cars cost an average of over $11,000 more than they did five years ago, and inventory overall is down by 24%, with 1.7 million fewer cars on the market. A 1% drop in prices from June 2023 hints that things may be turning around, but with that little of a change, we’ll have to wait and see to know for sure.

The effects from the pandemic-era shortages on inventory and pricing have lingered even longer on the used side. The average used-car list price overall is up 34% from 2019, growing from $22,000 to $29,000, with inventory dropping by 1.4 million vehicles. Year over year, inventory remains down by 300,000 vehicles, reflecting a 4% decrease.

This means that trade-ins are still a hot commodity despite a year-over-year drop in values of 8%. Those trade-ins are still worth 48% more than they were in 2019, so these increases continue to offset some of the increased prices of new cars.

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