Used EV sales surge as gas prices top $4 per gallon, though another factor is also involved

New EV sales in the US fell 28% year‑on‑year in Q1 2026 after the Trump administration ended the $7,500 consumer tax credit.

Used EV sales rose 12% year‑on‑year and 17% from the previous quarter; the average used EV price is $34,821.

US gas prices recently topped $4 per gallon, the highest since Russia invaded Ukraine in 2022.

A surge of off‑lease EVs—projected to be 15% of all off‑lease vehicles by year‑end, up from 7.7% in Q1—helped push pre‑owned EV prices down 8.5% between Feb 2025 and Feb 2026.

The pattern appears in the US and Australia; in Australia higher demand and fuel worries have driven up used EV prices there.