The used car market for conventional vehicles is a large percent of annual vehicle sales; therefore, it has a large impact on the wider market. The used PEV market has recently begun to grow in California, with the potential for more environmentally-friendly choices for those who cannot buy new PEVs – and for impacts on the sale of new ones.
This study, sponsored by the California Air Resources Board, is investigating the benefits of used PEVs in the market and the economics behind their valuation and purchase. Results from this study can be used to inform policies in the overall PEV market to make PEVs a more sustainable transportation solution.
Initial results found that most used PEVs entered the market after only 2-3 years of usage by the original owner, still under warranty, and with 23,400 miles logged on average. Used buyers were generally aware that their batteries were no longer at full capacity, most considering them to be at 90-99% of full capacity. 40.5% of used PEV buyers did not know about the Federal Tax Credit on new PEVs; fewer knew about the California PEV Clean Vehicle Rebate. HOV (High Occupancy Vehicle) access stickers increased the price people would pay for a used PEV. People drove used PHEVs more than their new PHEV counterparts, but most used BEVs were driven less than their new counterparts. Some of the high-use PHEVs were used mostly as hybrids and were plugged in less than five times per month. These results may indicate that used PEV buyers are less committed to electric driving.
Project page and products will be updated once available.