{"url":"https://www.ft.com/content/5436f549-52da-4d6d-85ba-955203f5c2f2","title":"Used EV sales surge in US as petrol tops $4/gallon","domain":"ft.com","imageUrl":"https://images.pexels.com/photos/9800006/pexels-photo-9800006.jpeg?auto=compress&cs=tinysrgb&h=650&w=940","pexelsSearchTerm":"used electric car","category":"World","language":"en","slug":"9c85f7bc","id":"9c85f7bc-3151-4411-a055-93ca46d0c56d","description":"Used EV sales in the US rose in the first quarter amid petrol prices topping $4 a gallon.","summary":"## TL;DR\n- Used EV sales in the US rose in the first quarter amid petrol prices topping $4 a gallon.\n- Cox Automotive data shows **93,500** units sold, up **12%** year-on-year and **17%** from prior quarter.\n- High fuel costs and falling used EV prices near gas car levels boost affordability for buyers.\n\n## The story at a glance\nUsed electric vehicle sales surged in the US first quarter, driven by petrol prices passing $4 a gallon due to the war in Iran. Cox Automotive reports the increase, contrasting with slumping new EV sales after federal tax credits ended. The FT covers this as fresh data from Cox's Q1 insights call on March 25.[[1]](https://www.ft.com/content/5436f549-52da-4d6d-85ba-955203f5c2f2)[[2]](https://electrek.co/2026/03/27/used-ev-sales-boom-new-ev-sales-drop-28-percent-q1-2026)\n\n## Key points\n- First-quarter used EV sales hit **93,500** units, up **12%** from **83,587** in Q1 2025 and **17%** from Q4 2025, per Cox Automotive.[[2]](https://electrek.co/2026/03/27/used-ev-sales-boom-new-ev-sales-drop-28-percent-q1-2026)\n- Average used EV price fell to **$34,821**, just **$1,300** above comparable gas vehicles at **$33,487**.[[2]](https://electrek.co/2026/03/27/used-ev-sales-boom-new-ev-sales-drop-28-percent-q1-2026)\n- New EV sales dropped **28%** year-on-year to **212,600** units, hit by end of **$7,500** federal tax credit.[[2]](https://electrek.co/2026/03/27/used-ev-sales-boom-new-ev-sales-drop-28-percent-q1-2026)\n- Used EV market share reached **2.1%**, with faster turnover at **42** days on lots versus gas cars.[[3]](https://www.electrive.com/2026/03/30/post-incentive-slump-us-ev-sales-down-28)\n- **Tesla** led used sales, followed by Chevrolet, Ford, BMW, Hyundai; **44%** of February deals under **$25,000**.[[4]](https://insideevs.com/news/791253/ev-sales-used-new-hybrids-q1-2026)\n\n## Details and context\nPetrol prices surged above $4 a gallon nationally—nearing $6 in California—after the Iran war disrupted supplies, echoing 2022's Ukraine shock when $4 acted as an EV interest tipping point.[[5]](https://www.reuters.com/business/energy/gasoline-price-hike-iran-war-could-push-consumers-toward-evs-hybrids-2026-03-18) Cox analysts say sustained high prices for six months or more could shift habits, though new EV premiums remain at **$6,500** over gas models.[[6]](https://www.cnbc.com/2026/04/02/evs-autos-energy-oil-iran-war-electric-transport-fossil-fuels.html)\n\nFalling used prices stem from off-lease returns, battery improvements, and over-the-air updates easing range concerns. About **70%** of three-year lease returns go to new EV leases, per Cox, flooding the market with reliable options.[[7]](https://www.autoweek.com/news/a70870666/us-auto-sales-on-track-for-26-drop-in-2026)\n\nThe used car market dwarfs new sales threefold, so used EVs at **2%** share still lag but grow as entry point for price-sensitive buyers priced out of new models averaging **$55,300**.[[6]](https://www.cnbc.com/2026/04/02/evs-autos-energy-oil-iran-war-electric-transport-fossil-fuels.html)\n\n## Key quotes\n\"That affordability shift has clearly shown up in the data, significantly expanding access for mainstream buyers.\" — **Stephanie Valdez Streaty**, Cox Automotive director of industry insights.[[8]](https://www.canarymedia.com/articles/electric-vehicles/used-evs-are-bargain-buyers-noticing)\n\n## Why it matters\nRising fuel costs from geopolitical tensions highlight EVs' operating savings, splitting the market between pricey new models and bargain used ones. Buyers save on fuel and maintenance with used EVs now nearly matching gas car prices, aiding mass-market shift despite new sales woes. Watch if prices stay high through summer or if more off-lease supply further drops used values, though economic uncertainty could slow overall car demand.","hashtags":["#electric","#vehicles","#used","#evs","#cox","#automotive"],"sources":[{"url":"https://www.ft.com/content/5436f549-52da-4d6d-85ba-955203f5c2f2","title":"Original article"},{"url":"https://electrek.co/2026/03/27/used-ev-sales-boom-new-ev-sales-drop-28-percent-q1-2026","title":""},{"url":"https://www.electrive.com/2026/03/30/post-incentive-slump-us-ev-sales-down-28","title":""},{"url":"https://insideevs.com/news/791253/ev-sales-used-new-hybrids-q1-2026","title":""},{"url":"https://www.reuters.com/business/energy/gasoline-price-hike-iran-war-could-push-consumers-toward-evs-hybrids-2026-03-18","title":""},{"url":"https://www.cnbc.com/2026/04/02/evs-autos-energy-oil-iran-war-electric-transport-fossil-fuels.html","title":""},{"url":"https://www.autoweek.com/news/a70870666/us-auto-sales-on-track-for-26-drop-in-2026","title":""},{"url":"https://www.canarymedia.com/articles/electric-vehicles/used-evs-are-bargain-buyers-noticing","title":""}],"viewCount":2,"publishedAt":"2026-04-06T15:27:28.313Z"}