Project Summary
There are now a wide variety of California and U.S. policies designed to support the goal of decarbonizing light-duty vehicles. Existing models of the California vehicle market are not capable of analyzing the impact of all these policies. A key shortcoming is the lack of accurate modeling of the used vehicle market. Low-income households primarily purchase used vehicles, but the supply of used vehicles is largely determined by the decisions of new vehicle owners (primarily high-income households). The price of used vehicles is determined by the interaction between supply and demand. We will build a new model of the California personal vehicle market that accurately models the inter-actions between the new and used vehicle markets. We will use this model to evaluate a wide range of current and proposed policies designed to increase the penetration of electric vehicles. Our model will allow California policymakers to craft policies that reach decarbonization goals at lowest cost while alleviating (or at least not worsening) existing transportation inequities.