Used electric vehicle prices are rising—and it’s happening faster than gas-powered cars. According to new data from Cox Automotive, used EV wholesale prices are up nearly 12 percent year over year. That compares with just about 3 percent growth for traditional gas-powered vehicles over the same period. The gap highlights a growing imbalance in demand across the used car market.
A big part of the pressure is coming from the cost of fuel, which remains roughly 38 percent higher than it was a year ago. That has pushed more shoppers toward used EVs as a way to reduce long-term running costs, especially for daily commuting.
Popular models like the Tesla Model 3, Tesla Model Y, Ford Mustang Mach-E, Chevrolet Bolt, and Hyundai Ioniq 5 are seeing especially strong activity at wholesale auctions, where dealers compete aggressively for inventory. In many cases, dealers are paying more at auction now than they were just a year ago for similar vehicles.
Because wholesale prices often flow into retail listings, that means consumers are already seeing firmer prices on used EVs across dealership lots. But the current trend may not hold.
Tesla Model Y Performance
Photo by: Tesla
A growing wave of off-lease EVs is expected to return to dealer inventories over the coming months. As that supply builds, dealers are likely to face pressure to move vehicles quickly—especially in a segment that has been more volatile than gas-powered cars.
At the same time, EV adoption is still uneven, with demand concentrated in certain regions where charging infrastructure is more mature. That could make pricing more sensitive to shifts in supply than in traditional used car segments.
Motor1’s Take: This news isn’t terribly surprising, given the current state of US fuel prices. Customers see a used EV as potential relief from pain at the pumps. But the supply of used EVs will climb and should help used EV pricing drop back down a bit in the second half of 2026.
If you were thinking of buying a used EV, it’s better to wait a few more months to see what happens.
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