Bay Area company finding success in the used-EV market, helping consumers
A Bay Area company is finding success in the used EV car market and helping buyers find affordable second-hand vehicles.
Two years ago, Max Quertermous co-founded and launched Ever, a used EV dealership which buys and sells online and in-person in San Francisco.
He and a classmate began collaborating at the Stanford Graduate School of Business, along with a former software engineer from Uber.
"We started the business with the mission of building the biggest EV store in the United States," said Quertermous.
Price cuts and federal tax incentives for new and used EVs have made going electric more affordable.
In May, According to car-buying website Edmonds, the average secondhand EV sold for $32,000, down from $56,000 nearly two years earlier.
"They're great cars. They have lower total cost of ownership relative to internal combustion cars, they're very pleasant to commute in, so it really just takes a little learning of the basics," said Quertermous.
EV drivers like Lindsey Kirk, are turning in their older leased electric cars and searching for deals.
"I shopped around for some other cars to see if I liked something else and they have some pretty competitive options," said San Rafael resident Lindsey Kirk.
Car analysts said inventory of new and used EVs is increasing, and for consumers, there's even better news: an immediate $4,000 tax credit at the point of sale starting this year, for qualifying used EV purchases at registered dealerships.
"What it does is make the car much more affordable when consumers across the United States have been clamoring for a more affordable vehicle," said Jeremy Robb.
Robb is senior director of economics and industry insights at Cox Automotive.
"As they have brought down the overall price of the new EV, it's not quite as high, and you're getting more makes and models that are a little more affordable. The overall price of the used will continue to go down over time as well," said Robb.
Robb said used EV inventory is up 25% year over year but also emphasizes sales pace continues to outrun growth in inventory, at least for now.
"A lot of these cars relative to new even though they're lightly used are now buyable at a fraction of the price from new which is such a compelling buying opportunity," said Quertermous.
Based on sales and data over the last two years, Ever, is planning to expand to other markets in the near future.
"We bet the company on the future of EVs, and we really think EV is the future," said Quertermous.
In the second quarter of 2024, more than one in four new vehicle sales in California were zero-emission vehicles, the second highest ever market share according to the Governor's office.
The future of California's charging network is expanding with billions on the way.
Just this year, the state approved a $1.9 billion plan to build a bigger charging network.
That's another move in the right direction for entrepreneurs like Max Quetermous and for new EV drivers too.