Gas prices aren’t the only factor fueling used EV sales
The most recent electric vehicle sales data provided a grim picture — at least for new EVs. Sales of new electric vehicles took a beating in the first quarter, falling some 28% year-over-year after the Trump administration axed the $7,500 consumer tax credit, according to Cox Automotive. Used EVs are moving in the opposite direction. And a couple of accelerants have combined to supercharge those sales. First-quarter used EV sales increased 12% compared with the same quarter last year, according to that same Cox Automotive report. There’s a bit of momentum over a shorter term too; used EV sales popped 17% between the fourth and first quarters. The rising cost of gas — the average price is above $4 a gallon — has helped spur interest and sales of electric vehicles. But there’s another factor at play here as consumers seek out affordable options: an abundance of expiring leases, the Financial Times reported. EV leases were a popular choice in the early 2020s, and now that they’ve expired, hundreds of thousands of pre-owned EVs are …







