Used Electric Cars Now $1,334 More Than Gas Models

Your next car could be electric, and it might cost less than you think.

Used electric vehicle sales jumped 12% this year as hundreds of thousands of affordable EVs hit the market. The reason? Cars leased during the early 2020s boom are now returning to dealerships, creating the biggest wave of used EVs America has ever seen.

The timing couldn't be better for shoppers. Gas prices just climbed past $4 per gallon for the first time since Russia invaded Ukraine, while new car prices hover near record highs. Meanwhile, used EV prices dropped 8.5% in just one year.

The price gap tells the whole story. In February 2025, used EVs cost an average of $4,923 more than gas-powered cars. Today, that gap has shrunk to just $1,334.

"We're seeing a meaningful reset in EV pricing," said Stephanie Valdez Streaty, Cox Automotive's director of industry insights. The flood of affordable options is transforming who can access electric vehicles.

Here's how it happened. Between 2021 and 2024, federal tax credits made EV leases incredibly cheap. A Chevrolet Blazer EV with a $44,600 price tag leased for just $515 monthly, while its cheaper gas equivalent cost $586 per month. Thousands of drivers jumped at those deals.

Now those three-year leases are ending. EVs will make up 15% of all off-lease vehicles by year's end, nearly double the rate from early this year.

The Bright Side

Jessica Caldwell at Edmunds believes these affordable used EVs will become a "gateway" to electric ownership for families priced out of new models. The cars hitting the market today are dramatically better than earlier generations that turned off shoppers.

"In 2022, the last time we saw a gas price spike, they would have been looking at vehicles from around 2019, when EVs weren't quite there yet," Caldwell explained. Today's used EVs offer far better range, features, and reliability.

The infrastructure is catching up too. Despite slower new EV sales, America's charging network actually accelerated its expansion last year. More stations mean fewer worries about long road trips, one of the biggest barriers to EV adoption.

Even traditional automakers are noticing the shift. Duncan Aldred, who runs GM's North America business, told an industry forum this week that the company has seen "some peaking of interest" in EVs as gas prices climb.

Mike Murphy, who co-founded the advocacy group EVs For All America, sees the moment as pivotal for bringing electric vehicles to everyday Americans. "The dream of mass EV adoption here in America is not dead yet," he said.

For families watching every dollar while gas prices surge, that dream just got thousands of dollars cheaper.