Drivers in the United States are finding a cheaper way to embrace electric vehicles.
According to InsideEVs, Americans purchased almost 43,000 used EVs in March, representing the highest-ever monthly sales total.
It represented a 28% year-over-year sales increase, underscoring how electric cars are becoming more attainable for shoppers who may once have been priced out of buying a new one.
Part of what makes the record notable is that it’s occurring despite Congress eliminating EV tax incentives for both new and used EVs in 2025. The new EV tax credit was worth up to $7,500, while the used EV tax credit saved drivers up to $4,000 on purchase costs.
Yet while used EV sales are quickly rising despite the loss of the tax credit, new EV sales aren’t seeing the same success. New electric cars are seriously struggling to leave showrooms and have already seen an almost 25% decline in year-over-year sales, per Cox Automotive.
But as the war in Iran drives up gas prices across the country and the globe, American consumers are paying more attention to electric vehicle technology as a strategy to avoid hefty fuel costs. Crucially, EVs also save drivers money on maintenance costs.
The used EV market is critical for helping a wider range of buyers adopt the technology that can lower both fuel costs and air pollution. Brand-new EVs can still be too expensive for many households, but a growing secondhand market gives drivers an easier way to move from gas-powered cars to electric ones.
Industry experts expect the trend of more used EV sales to continue. With Recurrent suggesting more than 1 million EVs will exit leases over the next two years and re-enter sales lots, as InsideEVs noted, many more used EVs should enter the market. This growing inventory tends to put downward pressure on prices while giving shoppers more options.
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