Experian Releases Used EV Finance Data
Consumers financed more than 91,000 used electric vehicles (EVs) in 2022, up 45% from 2021, according to Experian data.

Consumers financed more than 91,000 used electric vehicles in 2022, up 45% from 2021, according to Experian data.
IMAGE: Pexels
Consumers financed more than 91,000 used electric vehicles (EVs) in 2022, up 45% from 2021, according to Experian data.
Experian’s research shows consumers chose Capital One Auto Finance most often for their EV financing needs. The company captured 6.7% of the used-EV market, 0.2 points ahead of Wells Fargo Auto. Bank of America took the third spot, handling 4.8% of used-EV financing.
Experian reported the 2019 Tesla Model 3 was the most popular financed used EV. This vehicle model captured 11% of the loan and lease markets. The 2020 Tesla Model 3 placed second at 8.1%, and the 2018 Model 3 took the third-place spot at 7.7%.
For other automakers, the 2021 Ford Mustang Mach-E captured the largest share at 2.6% or 7th place.
According to Experian, around 80% of used-EV loans involved models from the 2018 model year or newer.
Experian data shows used-EV borrowers had the highest credit scores among all used-vehicle powertrain categories, averaging a 729 compared to 673 for consumers financing used gasoline models. Around 81% percent of used-EV borrowers had prime or super-prime credit scores, compared to 56% of customers purchasing used gasoline-powered vehicles.
The data shows 62% of used EVs sold in 2022 were financed with a loan, up 57% from 2021. Used-EV leases captured 3.3% of the market down from 3.7% in 2021. Banks and credit unions dominated the used EV finance market, capturing 42% and 34% of the finance market, respectively.
Payments on average used-EV loan hit $792 monthly payment, up from $614 in 2021. The average used-EV value also increased from 2018 and 2022, shifting from $28,024 to $53,367.
The payments may be higher, but Experian reports consumers are only financing 92% of their vehicle now, versus 104% of its value in 2018.
Originally posted on Auto Dealer Today
More Industry

World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →