agent Entrepreneur logo
MenuMENU
SearchSEARCH

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.

February 16, 2023
Experian Releases Used EV Finance Data

Consumers financed more than 91,000 used electric vehicles in 2022, up 45% from 2021, according to Experian data.

IMAGE: Pexels

2 min to read


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.

Ad Loading...

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.

Ad Loading...

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 Dealer Ops

Car key, stacks of coins, and a paper car cutout with AutoPayPlus logo, representing auto financing, loan terms, and vehicle affordability trends.
Dealer Opsby StaffMarch 31, 2026

Survey Reveals What Won't Fix What's Breaking Car Sales

AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.

Read More →
Headshots of two male executives
Dealer Opsby StaffMarch 24, 2026

IA American Appoints Two Execs

Senior vice presidents of the company's agent and dealer channels chosen to support general agents and help auto dealers with sales and performance.

Read More →
Dealer Opsby Hannah MitchellAugust 26, 2025

Franchises, Throughput Down in First Half

A handful of states see franchise growth through June, while EV sales per store boost overall business in U.S.

Read More →
Ad Loading...
SalesAugust 25, 2025

How to Build a High-Performance Sales and F&I Team

Performance and profits start with people chosen and led the right way.

Read More →
Dealer Opsby Hannah MitchellAugust 19, 2025

Buy-Sells Up in Q2

Kerrigan metrics show there’s plenty of demand, though many sellers are waiting to pull the trigger.

Read More →
F&Iby StaffApril 2, 2025

DOWC Powers the Future of F&I for NESNA

Company is providing a fully integrated F&I administration model to Nissan Extended Services North America’s dealer network.

Read More →
Ad Loading...
Industryby StaffMarch 26, 2025

March New-Vehicle Sales Healthy

Despite incentive spending not keeping pace with deliveries volume, consumers make their purchases ahead of tariffs impact.

Read More →
Product & Technologyby StaffMarch 13, 2025

New DOWC Program Debuts

Hybrid solution combines benefits of reinsurance and dealer-owned warranty companies.

Read More →
Dealer OpsJanuary 15, 2025

Carryover Rate Important for Auto Retailers

Understanding how it plays into inventory risk management is an important consideration.

Read More →
Ad Loading...
Trainingby StaffJanuary 13, 2025

Dealer Survey Finds Anxieties

Kerrigan Advisors poll shows percentage of retailers expecting lower profits, valuations is on the rise.

Read More →