Used EV Sales Rise 28% in March 2026, Coinciding with Higher Gas Prices
Demand for used electric vehicles surged in the U.S. amid rising gas prices linked to the U.S.-Israel and Iran war. Sales increased nearly 28% in March 2026, with prices dropping 6.1% year-over-year. Over 44% of sales involved models under $25,000, driven by lease returns flooding dealership lots.
insideevs.comS. -Israel and Iran war, leading to double-digit increases in the used market. Benzinga reported that demand for these vehicles surged, with data from Cox Automotive highlighting the sharp uptick.
CNBC reported on the used EV sales data on May 3, 2026, citing the same Cox Automotive figures. The influx of used EVs on dealership lots stemmed from the end of leases for many models, according to Joseph Yoon, an analyst from market research firm Edmunds. This lease expiration contributed to greater availability, fueling the sales growth.
Over 44% of used EV sales in March 2026 comprised models priced below $25,000, as noted by Stephanie Valdez Streaty, the director of industry insights at Cox Automotive. 1% year-over-year to $34,653 in March 2026, according to Cox Automotive data. This represented a drop of over $1,102 from the previous year.
Benzinga highlighted these figures in its coverage of the market shift, attributing the affordability to the increased supply from lease returns.
Key Facts
Story Timeline
4 events- 2026-05-03
CNBC reported on used EV sales data.
1 sourceBenzinga - 2026-03
Used EV sales jumped nearly 28%, with over 44% of sales below $25,000 and prices down 6.1% year-over-year to $34,653, a decrease of over $1,102.
1 sourceCox Automotive via Benzinga - Recent (ongoing)
Demand for used EVs surged amid rising gas prices due to U.S.-Israel and Iran war, with double-digit increases in used market sales.
1 sourceBenzinga - Recent (ongoing)
End of EV leases led to influx on dealership lots.
1 sourceEdmunds via Benzinga
Potential Impact
- 01
Increased adoption of EVs could reduce U.S. dependence on gasoline amid war-driven price hikes.
- 02
Lower used EV prices may pressure new EV market, affecting automaker revenues.
- 03
Surge in used EV demand might strain dealership inventories if lease returns slow.
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