Used EV sales surge amid high gasoline prices

High gasoline prices, driven by conflict in Iran, are contributing to a surge in the secondhand electric vehicle (EV) market. While the removal of federal clean-vehicle credits has impacted new EV sales, the demand for used models is rising.

Cox Automotive estimates that used EV sales could reach an all-time high of approximately 127,000 units in the third quarter. Tesla has been identified as a primary beneficiary of this trend. Jeremy Robb, chief economist at Cox, noted that sustained gasoline prices above $4 per gallon increase consumer willingness to purchase used electric vehicles.