CNBC's 'Last Call' with Car Dealership Guy Yossi Levi

Yossi Levi, podcast host and CEO of the Car Dealership Guy, appeared on CNBC’s “Last Call” on May 10 to explain why used EV sales surged in early 2024.

Yossi attributes this spike in demand to two unique factors, the first of which is affordability. 

New EV prices began to plummet in 2023 thanks to price cuts by market leader Tesla. As a result, used EVs also began to get cheaper. “Naturally, the way this industry works is new car and used car prices work in unison,” Yossi explains, “especially when you’re looking at three-to-four-year-old models.”

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The second factor is the Biden Administration’s federal EV tax credits. These incentives offer rebates up to $4,000 for some used models, making them a good option for those in search of a deal.

These two conditions have created the perfect opportunity for consumers and used car dealers. But while he remains optimistic that sales will continue to rise, Yossi reiterates that these are special circumstances and don’t necessarily guarantee long-term growth. Because of this, it’s best to look at this trend as a “sugar rush,” one that drives activity in the market without making a lasting impact.