Used electric vehicle prices rise as gas costs lift demand
Cox Automotive said used EV auction values climbed 12% from a year earlier in June, far outpacing prices for used gasoline vehicles.
By Daniel Okafor · Business Editor
3 min read
Used electric vehicles are getting more expensive as higher gasoline prices and the Iran war push more shoppers toward battery-powered cars, according to Cox Automotive. The price gains matter because retail used-car prices often follow wholesale auction trends, raising costs for buyers looking for a cheaper entry into EV ownership.
Cox said Wednesday that its Manheim Used Vehicle Value Index for electric vehicles rose 12% in June from the same month a year earlier. By comparison, the index for non-electric vehicles increased 1.7% over that period.
Manheim, Cox’s wholesale auction business, said used EV wholesale prices have climbed every month this year. Average EV pricing is up 11.5% in 2026 to about $30,400, while non-EV pricing has risen less than 1% to $19,125, according to Manheim.
On the retail side, Cox’s Kelley Blue Book put the average used EV listing price at $37,083 as of May. Wholesale price moves typically feed into consumer prices, though with a lag.
Used EV sales keep climbing
Cox reported that consumers bought 42,923 used EVs in May. That was a 5.5% increase from April and a 24.7% gain from a year earlier, while used EVs held a 2.8% share of the used-vehicle market.
Tesla vehicles led the used EV category with an estimated 15,353 units sold in May, according to Cox. Hyundai, Chevrolet, Ford and BMW electric models followed.
Manheim said EV prices remained strong while prices for SUVs and pickups weakened from year-earlier levels. The shift reflects how fuel costs can change demand across vehicle types, especially when gasoline prices rise quickly.
AAA said the national average price for gasoline was about $3.80 a gallon, roughly 21% higher than a year earlier. Prices have retreated from recent peaks, but CNBC reported that worsening fighting in Iran pushed oil prices higher Wednesday.
More supply could test prices later this year
Jonathan Gregory, senior director at Cox Automotive, said gasoline prices will be a key factor in whether used EV values keep rising as more off-lease electric vehicles enter the market later this year.
Automakers boosted EV leasing about three years ago through promotional offers, and those vehicles are expected to return to the used market through the end of 2026, according to Cox. Gregory said the incoming supply could weigh on some parts of the market even if overall used-vehicle prices remain firm.
“Gas is the swing factor: If pump prices keep falling, some of that EV demand could fade as availability increases,” Gregory said.
The strength in used EVs contrasts with the new-vehicle market. Many automakers reported sharp second-quarter declines in new EV sales, according to CNBC.
Cox and CNBC tied part of that weakness to a difficult comparison with last year, when EV demand rose ahead of expectations that the Trump administration would end as much as $7,500 in consumer EV purchase incentives. Those incentives ended in September, after EVs reached about 10% of all vehicles sold that month, according to CNBC, before sales fell later in the year.
This story draws on original reporting from CNBC.