The shift away from cars with dirty combustion engines is running into a new hurdle: Drivers don’t want to buy used electric vehicles, and that’s undermining the market for new ones, too.
In the $1.2 trillion secondhand market, prices for battery-powered cars are falling faster than for their combustion-engine cousins. Buyers are shunning them due to a lack of subsidies, a desire to wait for better technology and continued shortfalls in charging infrastructure. A fierce price war sparked by Tesla and competitive Chinese models are further depressing values of new and used cars alike, threatening earnings at rivals such as Volkswagen and Stellantis.
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