The market for new cars has slumped as Americans look for deals on used EVs.
Sales of used electric vehicles are surging in the US as models bought during a post-pandemic boom flood back onto the market, offering prospective buyers relief from a sharp rise in petrol prices.
First-quarter used EV sales rose 12 percent compared with the same period last year and 17 percent on the previous quarter, according to Cox Automotive estimates. Sales of new EVs in the first quarter are estimated to have slumped by 28 percent year on year following the Trump administration’s withdrawal in 2025 of a $7,500 consumer tax credit.
Analysts attribute the surge to a glut of hundreds of thousands of cheap pre-owned EVs that were purchased on leases in the early 2020s and which are now returning to market as those leases expire. According to credit bureau Experian, EVs will account for 15 percent of all off-lease vehicles at the end of this year, up from 7.7 percent in the first quarter.
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