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Used EV sales surge in US as petrol tops $4/gallon

Source: ft.com

TL;DR

Used EV sales in the US rose in the first quarter amid petrol prices topping $4 a gallon.
Cox Automotive data shows 93,500 units sold, up 12% year-on-year and 17% from prior quarter.
High fuel costs and falling used EV prices near gas car levels boost affordability for buyers.

The story at a glance

Used 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)

Key points

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)
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)
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)
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)
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)

Details and context

Petrol 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)

Falling 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)

The 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)

Key quotes

"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)

Why it matters

Rising 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.