Used EV prices rise as gas costs lift demand, Cox says

Used electric vehicles are becoming more expensive in the U.S. as higher fuel costs and the war involving Iran lift demand, according to Cox Automotive. The Manheim Used Vehicle Value Index for EVs rose 12% in June from a year earlier, compared with a 1.7% increase for non-electric vehicles, Cox said Wednesday.

The index is based on prices for used vehicles sold through Manheim’s U.S. wholesale auctions. Wholesale values matter because dealer acquisition costs typically feed through to retail listing prices, although timing and local inventory conditions can affect what consumers see on lots and online marketplaces.

Manheim said wholesale EV prices have increased in every month of 2026. Average wholesale pricing for used EVs has climbed 11.5% this year to about $30,400, according to Manheim. Non-EV average wholesale prices have risen less than 1% this year to $19,125, the company said.

On the retail side, Cox’s Kelley Blue Book put the average used EV listing price at $37,083 as of May. The firm’s data also showed used EV sales to consumers reached 42,923 units in May, up 5.5% from April and 24.7% from a year earlier. Used EVs held a 2.8% share of the used-vehicle market, Cox said.

Tesla models accounted for an estimated 15,353 used EV sales in May, Cox said. Hyundai, Chevrolet, Ford and BMW electric vehicles followed in the ranking.

Gas prices remain the swing factor

Jonathan Gregory, senior director at Cox Automotive, said fuel prices are likely to influence whether vehicle prices keep rising as more used EVs come to market later this year.

“The risk we’re watching for the second half is that steep ramp in off-lease supply, EVs especially, which could pressure specific segments even as the headline holds firm. Gas is the swing factor: If pump prices keep falling, some of that EV demand could fade as availability increases,” Gregory said.

The supply increase reflects leasing activity from three years ago, when automakers used lease offers to boost EV deliveries. Vehicles returned at the end of those leases can add to dealer and auction inventory, which may weigh on prices if supply outpaces demand in particular models or segments.

AAA reported that the national average gasoline price was about $3.80 a gallon, roughly 21% higher than a year earlier. Prices had eased from recent peaks, but escalating fighting in Iran caused oil prices to rise Wednesday, according to CNBC.

Used and new EV markets diverge

The stronger used EV market contrasts with recent demand for new electric vehicles. Many automakers reported sharp second-quarter declines in new EV sales, according to the reported company results cited by CNBC.

Part of that decline reflected a difficult comparison with last year. EV demand rose in the second quarter of 2025 ahead of expectations that the Trump administration would end consumer purchase incentives worth up to $7,500 for EV buyers. Those incentives expired in September.

EV sales rose to about 10% of all vehicle sales in September before falling later in the year, according to CNBC. Automakers have also pulled back billions of dollars from new EV programs, adding another point of contrast between pricing strength in the used market and softer recent sales for new electric models.

This story draws on original reporting from CNBC.