Technical

Srinivasa Reddy Kandi: Used EV Sales Surge as Supply Grows and Prices Become Competitive

April, 07, 2026-02:53

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Used EV Sales Surge as Supply Grows and Prices Become Competitive:

While new electric vehicle (EV) sales have slowed significantly, the used EV market is gaining strong momentum. Recent data from Cox Automotive shows that new EV sales dropped around 28% year-over-year in the first quarter, following the removal of the $7,500 consumer tax credit.

In contrast, used EV sales are on the rise. They increased by 12% compared to the same period last year, with an additional 17% growth from the fourth quarter to the first quarter.

Rising fuel costs—now averaging over $4 per gallon—have contributed to renewed interest in electric vehicles. However, another major factor is driving this trend: a wave of expiring leases. Many consumers opted to lease EVs in the early 2020s, and as those leases end, a large number of pre-owned EVs are entering the market.

This growing supply is making used EVs more accessible and appealing to buyers looking for affordable alternatives. By the end of the year, EVs are expected to make up 15% of all off-lease vehicles, a sharp increase from 7.7% in the first quarter.

The increased availability has also pushed prices down, bringing used EVs close to price parity with traditional gas-powered cars. Currently, the average price of a used EV stands at $34,821, compared to $33,487 for a comparable internal combustion vehicle—making electric options more competitive than ever.

Author: Kandi Srinivasa Reddy, Srinivasa Reddy Kandi, #KandiSrinivasaReddy, #SrinivasaReddyKandi