Americans who are frustrated by rising new car and gas prices are increasingly turning to used electric vehicles as they search for deals on new wheels.
Used EV sales in March reached 42,924 units, which is the most recent data available, according to a report from Cox Automotive. The figure is up 53.9% from February 2026 and it’s also 27.7% higher than last March.
“The used‑EV market continues to gain momentum as inventory availability improves and shoppers see more product variety across price points,” Stephanie Valdez Streaty, director of industry insights at Cox Automotive, wrote in a blog post. “With supply improving and applying downward pressure on pricing, used‑EV growth is expected to remain a bright spot through the remainder of the year.”
The finding comes as the average price of gas rose to $4.23 per gallon on Wednesday, April 29, up from an average of $4.02 one week ago on April 22. Analysts say they are expecting gas prices to keep rising in the coming weeks as the U.S.-Iran war continues.
“Oil prices have been climbing again as markets react to renewed geopolitical tensions and the cancellation of talks between the U.S. and Iran,” Patrick De Haan, head of petroleum analysis at GasBuddy, wrote in a blog post. “As a result, gasoline prices are set to rise further this week, with diesel expected to follow.”
De Haan added that “many inland states — including those in the Great Lakes and Plains — could see average gas prices climb to their highest levels since 2022, while price-cycling markets may also experience another round of hikes in the next few days.”
Who Are the Biggest Used EV Sellers?
Tesla led used EV sales in March with 15,385 units sold, according to Cox Automotive. Here are the top five used EV sellers last month:
1. TeslaUsed EVs sold in March 2026: 15,385New EVs sold in 2025: 589,160Best-selling EV: Tesla Model Y
2. ChevroletUsed EVs sold in March 2026: 3,246New EVs sold in 2025: 96,951Best-selling EV: Chevy Equinox EV
3. FordUsed EVs sold in March 2026: 2,842New EVs sold in 2025: 84,113Best-selling EV: Ford Mustang Mach-E
4. HyundaiUsed EVs sold in March 2026: 2,707New EVs sold in 2025: 65,717Best-selling EV: Hyundai Ioniq 5
5. BMWUsed EVs sold in March 2026: 2,317New EVs sold in 2025: 42,483Best-selling EV: BMW i4
Why Is the Number of Used EVs Growing?
From 2022 to 2025, the federal government offered $7,500 in tax credits for EVs that were leased, in addition to credits available for new car purchases.
Automakers whose EVs didn’t qualify for purchase credits — due to stringent domestic manufacturing requirements — pushed leases for models that could qualify under a loophole classifying leased EVs as commercial vehicles, exempting them from many of the rules.
Nathan Reid, CEO of the logistics division for uShip, said the number of used EVs at dealerships will continue to rise as more leases from the early 2020s come to an end.
“We’re going to see thousands of used EVs enter the market this year, as leases from the past 3-4 years end and drivers opt not to renew,” Reid said. “Drivers who were previously leasing these newer EVs will also increasingly choose to buy used, older EV models as they flood the market, with so many more diverse options now available.”
What Are the Advantages of Buying a Used EV?
A driver who opts for a new or used EV could save $2,200 annually on gas, according to the U.S. Department of Energy. Even hybrid drivers can save $1,500 on gas annually, according to the agency.
“Researchers found that no matter where you live in the country, you will save driving an electric vehicle,” the agency said. “Plug-in hybrid electric vehicles saved drivers in over 99% of U.S. ZIP codes.”
Owners of electric models also saved an average of about $8,811 on ownership and maintenance compared to the best-selling traditional gas cars over 200,000 miles of driving, according to Consumer Reports. The group said used EV drivers can save even more, despite slightly higher depreciation rates.
EVs have historically depreciated faster than gas-powered cars, but the gap is narrowing as the used EV market expands. EVs typically lose around 58% to 60% of their value over five years, compared to a depreciation rate in the low-to-high 40% range for gas cars.
Reporting by Keith Laing, USA TODAY. USA TODAY Network via Reuters Connect.
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