Used EV financing volume jumps 45% YoY 

Financing for used EVs gained traction in 2022, with 61.47% of used electric vehicles financed via a loan and 3.32% leased.By comparison, 56.51% of used EVs in 2021 were bought with a loan and 3.66% were leased. Cash purchases fell 4.62 percentage points YoY to 35.21%. 

Credit unions had a higher share of used EV financing compared with the new EV market, driven by competitive rates and term lengths. Credit unions financed 34.1% of used EV purchases in 2022, coming behind banks at 41.9%, according to Experian. For new EV purchases, credit unions financed 21.7% while banks held the majority of share at 47.8%.