Used electric vehicle (EV) prices are currently on the rise, increasing significantly faster than their gas-powered counterparts.
Key Takeaways
Faster Price Growth: According to data from Cox Automotive, wholesale prices for used EVs have climbed nearly 12% year-over-year, compared to only about 3% for traditional gas-powered vehicles.
Fuel Costs Drive Demand: High fuel prices - currently about 38% higher than a year ago - are pushing consumers toward used EVs to lower long-term commuting costs.
High Dealer Competition: Dealers are aggressively bidding on popular models at auctions, including the Tesla Model 3, Tesla Model Y, Ford Mustang Mach-E, Chevrolet Bolt, and Hyundai Ioniq 5.
Market Outlook: Experts anticipate that a forthcoming surge in the supply of off-lease EVs in the second half of 2026 may increase market volatility and potentially help lower prices.
The gas price shock undoubtedly created this recent trend.
Thanks for reading everybody!
-Paul