Used EV Sales Continue to Rise: Is the Predicted Rush On?

Used EV demand is driving a market rebound even as new EV sales fall 22% year over year in May. The hot segment is led by Tesla, with more than 15,300 used EVs sold, though that figure was slightly down from April. Other strong performers include Hyundai, Chevrolet, Ford, and BMW. Month-over-month, used EV sales rose about 5.5%, reflecting broad consumer interest as high fuel costs persist.

Pricing and inventory signals complicate the picture: the average price of a used EV rose 3.8% in May to $37,083, while new EVs averaged $54,532. Cox’s Stephanie Valdez Streaty noted that shrinking supply—down 7.5% to a 31-day supply—along with lean availability for VW, Honda, Toyota, and Hyundai supports turnover. Analysts expect a flood of off-lease EVs in coming months to temper price gains. With gas prices historically above $4 per gallon, and potential relief from geopolitical developments not yet fully realized, the used-EV market remains a function of supply, demand, and pricing across multiple brands. Industry observers say the trend underscores the continued expansion of the used-EV market as off-lease returns and trade-ins deepen inventory across more brands and price points.