Used Electric Vehicle Market Expands as Upgrades and Supportive Policies Make Pre-Owned EVs More Accessible
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The stockpile of used EVs is growing as early adopters upgrade, making electric vehicles more accessible to those who can't afford new models.
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Used EV sales are increasing substantially in major markets like the UK and US, but skepticism remains about older models' performance.
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Supportive climate policies, financial incentives, and advancements in battery testing technology are driving the expansion of the used EV market.
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The used EV market is diversifying as more models become available, potentially attracting new buyers.
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Automakers need to improve battery testing to provide consumers details on the lifespan of used EV batteries and boost buyer confidence.