Used EV Prices Drop as More Drivers Switch

Affordable used electric vehicles draw interest amid high gas prices

Apr. 14, 2026 at 3:57am

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A dynamic, panning color photograph in the style of Ernst Haas, turning a moving electric vehicle into sweeping, abstract streaks of vibrant color and chaotic motion, conveying pure speed, modern engineering, and the thrill of electric travel.As used electric vehicle prices drop, more drivers are making the switch from gas-powered cars, drawn by the affordability and environmental benefits of EVs.San Diego Today

As gas prices continue to climb, more drivers are considering switching to electric vehicles. New data shows that used EVs may be the most affordable way to do so, with prices dropping and inventory growing. The average price of a new electric vehicle in February was over $53,000, while used EVs averaged about $35,000, marking an 8.5% year-over-year drop.

Why it matters

The trend is largely driven by an influx of used EVs hitting the market after being leased during a period of federal tax incentives. This provides an opportunity for drivers to switch to electric vehicles at a more affordable price point, especially as gas prices remain high. However, experts warn that increased demand could eventually push used EV prices higher.

The details

According to Cox Automotive, the average price of a new electric vehicle in February was more than $53,000 — a slight 1.4% decrease from last year. Meanwhile, used EVs averaged about $35,000, marking an 8.5% year-over-year drop. Car expert and Analyst Brian Moody explains that this "perfect storm" for used electric vehicle sales is driven by an influx of used EVs hitting the market after being leased during a period of federal tax incentives.

  • In February 2026, the average price of a new electric vehicle was over $53,000.
  • In February 2026, the average price of a used electric vehicle was about $35,000.

The players

Brian Moody

A car expert and analyst who explains the trend of affordable used electric vehicles.

Bill Tate

A Dallas resident who made the switch to an electric vehicle a year ago and is satisfied with his decision.

Brian Quezada

An Imperial Valley resident who is considering trading in his gas-powered car for an electric one.

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What they’re saying

“Where you can get a new car with as compelling safety features for such a low price that's almost never happened, so long as you know that you can make an electric car work for you.”

— Brian Moody, Car expert and Analyst

“I call it range anxiety. The last two vehicles I had were big pickup trucks, and I saw the Hummer truck and thought I wanted one, but I wasn't really sure about this whole electric thing.”

— Bill Tate

“Not only seems like a logical choice, but like a choice that could be very beneficial, you know, for someone at a day-to-day to drive somewhere.”

— Brian Quezada

What’s next

Moody said buyers should weigh a few key factors before purchasing a used EV, such as comparing electricity costs to average gas expenses, checking if the power train warranty transfers to subsequent owners, and understanding if they'll be able to adjust to a new lifestyle that revolves around driving an electric vehicle.

The takeaway

The drop in used EV prices, driven by an influx of leased vehicles hitting the market, provides an opportunity for more drivers to switch to electric vehicles at an affordable price point. However, experts caution that increased demand could eventually push used EV prices higher, underscoring the need for buyers to carefully consider the long-term costs and lifestyle changes associated with owning an electric car.