The U.S. used electric-vehicle market is reversing higher in price as the Iran conflict and elevated gasoline costs bolster demand for pre-owned EVs, Cox Automotive said. The Manheim Used Vehicle Value Index for EVs — which tracks prices of used vehicles sold at U.S. wholesale auctions — rose 12% in the latest month versus June 2025, outpacing a 1.7% gain for non-EVs over the same period. Wholesale EV prices have advanced every month this year, contributing to an overall 11.5% increase in the average price to about $30,400, Manheim reported. In contrast, non-EVs have posted a smaller year-to-date rise, averaging around $19,125.
The average listing price for used EVs in May was $37,083, Cox’s Kelley Blue Book data show. Retail prices tend to follow wholesale trends, and Manheim noted that EV prices are rising while values for SUVs and pickups lag behind from a year earlier. Cox Automotive also said that used EVs sold to consumers reached 42,923 units in May, up 5.5% from April and up 24.7% year over year, with used EVs accounting for about 2.8% of the market. Tesla models led with roughly 15,353 units sold, followed by all-electric offerings from Hyundai, Chevrolet, Ford and BMW.
Analysts and industry observers highlighted the sustained influence of gasoline costs on demand for EVs, with pump prices acting as a swing factor that could either support or temper demand depending on how fuel costs move against off-lease supply. Jonathan Gregory, Cox Automotive’s senior director, said gas prices are expected to continue to shape vehicle costs amid an anticipated influx of off-lease EVs later in the year. A growing share of used EVs is expected to enter the market through year-end as automakers push leasing offers introduced years ago.
Gas prices remain a central variable: AAA’s tracking shows the national average around $3.80 a gallon, up about 21% from a year ago, though prices have fluctuated. The Iran-related conflict has kept oil prices elevated, even as some gasoline prices have cooled from recent peaks. The diverging paths between used and new EVs persist, with new-EV demand and sales trending softer in the second quarter as automakers tighten incentives and adjust production.
Meanwhile, the market is watching for how off-lease supply and broader fuel-price volatility will influence pricing and demand for EVs in the second half of the year, alongside ongoing shifts in consumer financing and incentives.
