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Used EVs Surge as Petrol Prices Soar
6 Apr
Summary
- Used EV sales increased 12% year-on-year in Q1.
- Average used EV price dropped by 8.5% in one year.
- Used EVs offer significant savings over petrol cars.
Sales of pre-owned electric vehicles (EVs) are experiencing a notable upswing in the United States. This trend is largely attributed to a substantial influx of leased EVs returning to the market as their contracts expire. In the first quarter of 2026, used EV sales climbed 12 percent year-on-year and 17 percent from the previous quarter, according to Cox Automotive.
The increased supply has contributed to a significant price reduction, with the average used EV price dropping by 8.5 percent between February 2025 and February 2026. This has narrowed the price difference between used EVs and used gasoline-powered vehicles to $1,334. This availability of more affordable used EVs comes at a time when petrol prices have surpassed $4 a gallon, making the economic appeal of electric vehicles more pronounced.
Analysts suggest that the abundance of attractively priced used EVs could serve as a crucial entry point for many consumers considering electric vehicle ownership for the first time. As manufacturers like Ford and GM prepare to launch more affordable new EV models in the coming years, the current market for used EVs offers an immediate opportunity for cost savings and a glimpse into the evolving automotive landscape.
