Used EV prices climb as demand grows
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Used electric vehicles are flying off dealer lots as pinched car buyers hunt for budget-friendly options.
Why it matters: The soaring demand has led to a rare phenomenon — used EVs rising in value, rather than depreciating, according to Recurrent, a research firm specializing in the used EV market.
The big picture: While the number of used EV sold in June was lower than May, unit sales are still up 20% compared to June 2025, per Cox Automotive.
- A surge in off-lease EV returns and trade-ins means used-car buyers have a deeper market to choose from.
- Meanwhile, gas prices remain high as the U.S.-Iran war drags on, giving consumers more reason to consider an EV.
By the numbers: Used EV prices are up more than 5% since January, with the biggest gains at the affordable end of the market (below $20,000), per Recurrent.
- A used 2023 Chevrolet Bolt EV, for example, cost less than $18,000 back in January. Now it's over $21,000 — almost 20% more.
- A 2021 Volkswagen ID.4, which could be purchased for less than $19,000 in January now costs over $21,000 — up 13%.
- A 2022 Tesla Model 3 that cost around $23,750 at the start of 2026, now costs nearly $27,000.
What we're watching: Availability of two- and three-year-old EVs will grow over the next few years.
- As many as 500,000 lease returns are projected in 2026 and up to twice as many in 2027, per Recurrent.
The bottom line: Used EVs are likely to play an important role in addressing vehicle affordability and broadening overall EV adoption in the U.S.
Cox Automotive is owned by Cox Enterprises, Axios' parent company.
