Used EV sales are up 54%. Here's why, and how one can save you money

• Rising gas and new car prices are leading more Americans to purchase used electric vehicles.
• Used EV sales saw a significant increase in March, with Tesla leading as the top seller.
• Drivers can save thousands on fuel and maintenance costs by switching to a used EV.

Americans who are frustrated by rising new car and gas prices are increasingly turning to used electric vehicles as they search for deals on new wheels.

Used EV sales in March reached 42,924 units, which is the most recent data available, according to a report from Cox Automotive. The figure is up 53.9% from February 2026 and it's also 27.7 higher than last March.

"The used‑EV market continues to gain momentum as inventory availability improves and shoppers see more product variety across price points," Stephanie Valdez Streaty, director of industry insights at Cox Automotive, wrote in a blog post. "With supply improving and applying downward pressure on pricing, used‑EV growth is expected to remain a bright spot through the remainder of the year."

The finding comes as the average price of gas rose to $4.23 per gallon on Wednesday, April 29, up from an average of $4.02 one week ago on April 22. Analysts say they are expecting gas prices to keep rising in the coming weeks as the U.S.-Iran war continues.

"Oil prices have been climbing again as markets react to renewed geopolitical tensions and the cancellation of talks between the U.S. and Iran," Patrick De Haan, head of petroleum analysis at GasBuddy, wrote in a blog post. "As a result, gasoline prices are set to rise further this week, with diesel expected to follow."

De Haan added, "many inland states ‒ including those in the Great Lakes and Plains ‒ could see average gas prices climb to their highest levels since 2022, while price-cycling markets may also experience another round of hikes in the next few days."

Who are the biggest used EV sellers?

Tesla led used EV sales in March with 15,385 units sold, according to Cox Automotive. Here are the top five used EV sellers last month, according to the report:

1. Tesla

Number of used EVs sold in March 2026: 15,385

Number of new EVs sold in 2025: 589,160

Best-selling EV: Tesla Model Y

2. Chevrolet

Number of used EVs sold in March 2026: 3,246

Number of new EVs sold in 2025: 96,951

Best-selling EV: Chevy Equinox EV

3. Ford

Number of used EVs sold in March 2026: 2,842

Number of new EVs sold in 2025: 84,113

Best-selling EV: Ford Mustang Mach-E

4. Hyundai

Number of used EVs sold in March 2026: 2,707

Number of new EVs sold in 2025: 65,717

Best-selling EV: Hyundai Ioniq 5

5. BMW

Number of used EVs sold in March 2026: 2,317

Number of new EVs sold in 2025: 42,483

Best-selling EV: BMW i4

Why is the number of used EVs growing?

From 2022 to 2025, the federal government offered $7,500 in tax credits for EVs that were leased, in addition to credits that were available for new car purchases.

Automakers that had EVs that didn't qualify for purchase credits based on stringent requirements for domestic manufacturing and other factors pushed leases for models that were able to qualify for the credit under a loophole that classified leased EVs as commercial vehicles. Under the loophole in the law, leased EVs weren't subject to as many rules.

Nathan Reid, CEO of the logistics division for uShip, an Austin-based company that helps fleets ship vehicles, said the number of used EVs at car dealerships will continue to rise as more leases from the early 2020s are returned.

"We’re going to see thousands of used EVs enter the market this year, as leases from the past 3-4 years end and drivers opt not to renew," Reid said.

Reid added, "drivers who were previously leasing these newer EVs will also increasingly choose to buy used, older EV models as they flood the market, with so many more diverse options now available."

What are the advantages of buying a used EV?

A driver who opts for a new or used EV could save $2,200 annually on gas, according to the U.S. Department of Energy. Even hybrid drivers can save $1,500 on gas annually, according to the agency.

"Researchers found that no matter where you live in the country, you will save driving an electric vehicle," the agency said. "Plug-in hybrid electric vehicles saved drivers in over 99% of U.S. ZIP codes."

The Energy Department said, "the largest savings were found in areas with high gasoline prices, low electricity prices, and where drivers drove longer distances, and used older, less fuel-efficient vehicles."

Owners of electric models also saved an average of about $8,811 on ownership and maintenance compared to the best-selling traditional cars in their cases over the length of time it takes them to drive the car 200,000 miles, according to Consumer Reports.

The group said that used EV drivers can save even more, even with slightly higher depreciation rates than gas-powered vehicles.

"For ICE [internal combustion engine] vehicles, this used-car savings is partially offset by higher expected repair and maintenance costs for older vehicles, and the need to continue to pay for fuel, which makes up a large fraction of the total lifetime ownership costs for ICE vehicles," Consumer Reports said.

EVs have historically depreciated faster than gas-powered cars, but the gap is narrowing as the used EV market expands. EVs typically lose around 58% to 60% of their value over five years, compared to a typical depreciation rate in the low 40% to high 40% for gas cars over five years.