Used EVs Hit Record Sales as Prices Drop Near $25,000

Electric cars just became affordable for millions more Americans, and the used market is proving it with record-breaking numbers.

A new study by Cox Automotive shows that 93,500 used electric vehicles sold in the first quarter of 2026, up 12% from last year and 17% from the previous quarter. Even better news for shoppers: nearly half of those sales came in under $25,000.

The math tells a compelling story. For between $20,000 and $30,000, buyers can now get a 2022 model EV with about 33,000 miles on average. Compare that to a gas-powered car in the same price range, which is typically a year older with nearly 50,000 miles already driven.

The gap between used EVs and traditional cars has nearly vanished. The average price difference now sits at just $1,300, making electric vehicles accessible to families who never considered them before.

Timing is everything here. Thousands of EVs leased between 2023 and 2025 are now returning to dealer lots, creating a surge of inventory. Cox projects this wave will bring about 240,000 lease returns over the next year, with 50,000 of those being electric vehicles.

"A lot of people who are two- or three-car households in the suburbs who have been thinking of getting an EV and don't want to spend $50,000 or $60,000, maybe they'll spend $20,000 or $30,000 on a three-year-old Tesla," said Loren McDonald, CEO of EV charging firm Chargeonomics.

The Bright Side

While new EV sales dropped 28% this quarter, the used market boom tells a different story about America's electric future. This isn't a rejection of the technology. It's proof that when EVs become affordable, people want them.

The combination of lower prices, rising gas costs, and better availability is creating what experts call the greatest purchasing opportunity in electric vehicle history. Families who felt priced out of clean transportation now have a realistic path forward.

These aren't just cheaper cars. They're newer vehicles with lower mileage than comparable gas models, offering both environmental benefits and long-term savings on fuel and maintenance.

The electric revolution isn't slowing down; it's just becoming democratic, opening the door for everyday Americans to join without breaking the bank.