Used EV Sales Surge Amid Rising Gas Prices
- Used electric vehicle sales in the US have jumped 12%
- A large influx of leased EVs is hitting the market
- New EV sales declined significantly due to tax credit cuts
Sales of used electric vehicles (EVs) in the United States are experiencing a notable increase, primarily fueled by a resurgence of models returning to the market as leases expire. Heating up in the first quarter, used EV sales rose by 12% compared to last year, and by 17% from the previous quarter, according to estimates from Cox Automotive.
In contrast, new EV sales have seen a dramatic decline of 28% year-on-year, largely attributed to the Trump administration's cessation of the $7,500 consumer tax credit in 2025. Analysts suggest that the surge in used EVs is due to a significant number of affordable pre-owned models making their way back to market after the completion of early 2020s leases.
By year's end, it is projected that EVs will represent 15% of all off-lease vehicles, a significant rise from 7.7% earlier this year.