Hundreds of Thousands of Lightly Used Electric Cars About to Hit US Market

The US electric vehicle market is poised to receive a significant influx of lightly used electric cars, following the Inflation Reduction Act of 2022, which extended and upgraded the federal EV tax credit. A provision in the legislation allows individuals to claim the tax credit for used electric vehicles, provided they have been manufactured in North America and meet certain other criteria. This move is expected to make electric vehicles more affordable for a wider range of consumers, potentially driving increased adoption and growth in the US market. The influx of used electric cars is also likely to put downward pressure on prices, making them more competitive with their gasoline-powered counterparts.