High Gas Prices Drive Surge in Used EV Sales and Prices
Average transaction prices for used EVs rose 9.8% last month while ICE vehicle prices remained flat.
A combination of rising gas prices and a new car affordability crisis is driving increased demand for used electric vehicles, causing inventory to move rapidly off dealer lots.
What Happened
Recent data from iSeeCars, Automotive News, and Cox Automotive indicates that used EVs are selling significantly faster than traditional internal combustion engine (ICE) vehicles. The Audi Q4 Sportback e-tron Quattro averaged just 29.8 days on the lot, well below the 82-day average for new cars in October. Other models, including the Toyota BZ4x, Lexus RZ300e, Honda Prologue, and Polestar 2, averaged 35 days or less, while the BMW i4, iX, Kia EV6, and Chevrolet Equinox EV followed closely behind.
Why It Matters
The accelerated turnover rate reflects a market where EVs are appreciating in value much faster than other drivetrain types. iSeeCars Executive Analyst Karl Brauer noted that average transaction prices for used EVs rose 9.8% last month, compared to a mere 0.3% increase for ICE-powered vehicles. Used EVs averaged a price of $32,533 in September 2026, up $2,896 from the previous year. For dealers, this speed reduces costs associated with floorplan credit and frees up capital tied up in inventory, while for buyers, it signals a tightening supply that drives prices upward.
The Bottom Line
High fuel costs and limited new car affordability are creating a seller’s market for used EVs, characterized by rapid inventory turnover and significant price appreciation compared to gasoline-powered counterparts.
