Secondhand Honda Prologue Electric Vehicles Experiencing Unexpected Rapid Sales
The Honda Prologue, an electric vehicle, has emerged as a significant player in the automotive market, exhibiting sales performance that has surpassed initial expectations. This vehicle quickly established itself as a top contender in the electric SUV segment, particularly during the latter half of 2024, where it secured the position of the second-highest selling model, trailing only the Tesla Model Y. This strong showing for new units has translated into a robust demand within the pre-owned vehicle market, with used Prologue models experiencing a surprisingly fast turnover. This trend underscores a broader shift in consumer preferences towards electric mobility and highlights the Prologue's unexpected success in capturing a considerable portion of this burgeoning market.
Upon its initial customer deliveries in March of the previous year, the Honda Prologue swiftly captivated the American electric vehicle market, becoming one of the most sought-after models. Its popularity continued to soar, with Honda consistently moving over 5,000 Prologue units each month throughout the second half of the year. By November, the vehicle's sales had propelled it to the third spot among all electric vehicles sold in the U.S., only behind the dominant Tesla Model Y and Model 3. This impressive trajectory continued into the current year, with the Prologue outselling established competitors such as the Ford Mustang Mach-E and Hyundai IONIQ 5 in the preceding month. Since its launch, Honda has successfully sold 52,500 Prologue units across the United States, cementing its position as a major force in the EV sector.
A recent analysis from Cox Automotive's latest EV Market Monitor report highlights the accelerating pace at which used Honda Prologue electric vehicles are being acquired by consumers. The report indicates a substantial increase in pre-owned EV transactions for July, reaching 36,670 units, which represents a 23.2% rise from June and a remarkable 40% surge year-over-year. Honda, in particular, witnessed an exceptional leap in its used EV sales, experiencing more than a double increase (103%) month-over-month. Other manufacturers like Hyundai and Rivian also reported significant growth, with increases of 61.3% and 60.5%, respectively, in their used EV sales.
While Tesla maintained its lead in the used EV market with 15,903 vehicles sold last month, showing an 18% increase year-over-year, its market share saw a slight decrease. Other prominent brands such as GM's Chevy, Ford, Mercedes-Benz, and Nissan also reported strong used EV sales. Notably, the report revealed that used electric vehicle listing prices have been converging with those of internal combustion engine vehicles, reaching $35,263 last month, a minor 1.9% reduction from June. This narrowing price gap, currently at a record low of just $1,266, makes used EVs an increasingly attractive option for buyers. Furthermore, July also marked a significant uptick in new EV sales, with over 130,000 units sold, a 26% increase from June, pushing the electric vehicle market share to 9.1%, the second-highest figure recorded to date.
With the impending federal tax credit expiration at the end of September, numerous brands observed their strongest EV sales performances of the year. Tesla, Chevy, Hyundai, Ford, and Honda led this surge, while Volkswagen experienced a dramatic 454% increase in electric vehicle sales, propelling it to sixth place among the top sellers. The Honda Prologue, with a starting price of $47,400, becomes more accessible at under $40,000 after applying the tax credit. Honda is also promoting competitive lease options, offering monthly rates as low as $159 in California and other Zero-Emission Vehicle states, with rates around $229 per month in other regions. Even Acura, Honda's luxury division, has seen an unexpected rise in electric vehicle sales, with its ZDX model, built on the GM Ultium platform, surpassing the Cadillac Lyriq in sales during the first half of the year. This upward trend in sales is anticipated to persist as the tax credit deadline approaches, indicating a dynamic and responsive EV market.
The burgeoning success of the Honda Prologue in both new and pre-owned vehicle sectors paints a vivid picture of a rapidly evolving automotive landscape. The strong consumer interest and accelerated sales demonstrate a clear market embrace of this electric SUV, reinforcing its status as a notable disruptor in the electric vehicle segment.