Soaring Used EV Sales as Drivers Seek Respite from Rising Gas Prices
A surge in used electric vehicle sales in the US as post-pandemic leased EVs return to the market, offering buyers relief from skyrocketing gas prices.
The US is witnessing a remarkable spike in the sales of used electric vehicles (EVs) as drivers seek to escape the sharp rise in gas prices. According to estimates from Cox Automotive, first-quarter used EV sales have surged by 12% compared to the same period last year, and 17% from the previous quarter.
This surge can be attributed to a glut of hundreds of thousands of pre-owned EVs that were purchased on leases in the early 2020s and are now returning to the market as those leases expire. Experian data shows that EVs will account for 15% of all off-lease vehicles by the end of this year, up from just 7.7% in the first quarter.
In contrast, sales of new EVs in the first quarter are estimated to have slumped by 28% year-on-year, following the Trump administration's withdrawal in 2025 of a $7,500 consumer tax credit. This has made new EVs less affordable for many consumers, driving them to explore the used market as a more cost-effective option.
Джерело: Ars Technica
