Used EV sales charge up on high gas prices, even as new EV demand declines
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Used electric vehicle sales have surged over 20% year-over-year in the first quarter of 2026 due to high gas prices, while new EV sales continue to decline. The increasing cost of fuel is driving consumers to opt for pre-owned EVs as a cost-effective alternative.
High gas prices are driving US consumers to consider electric vehicles as a cost-saving option. As a result, used EV sales have increased by over 20% year-over-year in the first quarter of 2026. The surge is attributed to the relative affordability of used EVs compared to new cars and used gas-powered vehicles. Used EVs now cost around the same as traditional used cars and often offer better value due to their lower mileage and modern features. California has seen a significant rise in gas prices, with average prices nearing $6 per gallon, prompting consumers like Marc Tan to switch to used EVs. The trend is expected to continue as more used EVs come off lease and hit the market.
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