With new electric vehicle sales in the United States plunging, the used EV market continues to grow. As EVs take a record-high share of the used-car market, an analysis says price competitiveness is influencing consumer choices.

InsideEVs reported on Oct. 19 local time that U.S. used EV sales in September rose to 47,862 units, up 12.3 percent from the previous month and 21.2 percent from a year earlier. EVs accounted for 3.3 percent of total used-car sales, the highest on record. That was up 0.4 percentage points in a month from 2.9 percent in August.

New EV sales, however, fell 40.7 percent from a year earlier to 86,632 units. Still, with overall new-car sales shrinking from the previous month, EVs' monthly share edged up to 6.5 percent from 6.3 percent.

The used EV market has grown on easing price burdens and rising supply. The average listing price for used EVs in September was $36,767, down 1.8 percent from the previous month.

The price gap with non-EVs such as internal combustion engine vehicles also narrowed to $2,137 from $2,692. Used EVs are still 6.2 percent more expensive, but price competitiveness is improving.

As vehicles from expiring leases and trade-ins flowed into the used-car market, consumers had more choices. By brand, Tesla remained No. 1 in the used EV market. Chevrolet and Ford saw sales rise 21.3 percent and 17.1 percent, respectively, from the previous month.

By model, the Nissan Ariya posted a 42.5 percent jump and the Chevrolet Equinox EV rose 41.9 percent. The Kia EV9 and Tesla Model Y also showed rising sales.

Inventory is also turning faster. Days of supply for used EVs fell 16.7 percent from the previous month to 35 days. That is 11 days shorter than the 46 days for non-EVs.

Still, growth in the used EV market alone is unlikely to offset weak new-car sales. The industry is watching the narrowing price gap and the expansion of used listings as key variables for future EV adoption.