Used EV sales charge up on high gas prices, even as new EV demand declines
This is read by an automated voice.Please report any issues or inconsistencies here.
As gas prices soared in California last month, Irvine resident Marc Tan realized his Mercedes SUV was getting too expensive to refuel.He decided to save money at the pump and purchased a used Tesla last month.
“I had to trade in my SUV, “ said Tan, who works as a nurse.“It was just too expensive.” Tan has bought two electric vehicles this year to avoid relying on gas while driving his kids to school and activities.
Business As the war in Iran drives up the price of oil and gas, more U.S.consumers could turn toward electric vehicles as a money-saving option.As the war in Iran squeezes the global oil supply, fuel prices have increased sharply across the U.S.
Average prices in California climbed to nearly $6 per gallon, according to AAA, while national prices were slightly above $4.Gas prices in California have risen 30% since the start of the year, according to data from the U.S.
Energy Information Administration.The trend has driven renewed interest in electric vehicles, and those looking to save money on gas are also trying to save money on their cars by buying pre-owned vehicles.
New EV sales are still declining following blows to the industry from the Trump administration, but used EVs are bucking that trend because they look more affordable now relative to new cars and used gas-powered cars.Used EV sales increased more than 20% year over year in the first quarter of 2026, according to data from Cox Automotive.
Used electric vehicles now cost around the same as used traditional cars and often offer better value, experts said.“The high gas prices are getting people to look at what their options are, and the wheels are starting to spin,” said Jessica Caldwell, an auto analyst at Edmunds.
“You can get a pretty nice used EV for under $25,000, which is not easy to do on the market at large,” including electric and gas cars.Electric vehicles depreciate in value...