New and used electric vehicle sales rose in August as gas prices continued to climb, according to data from Cox Automotive, with the used market delivering the sharpest gains.
ev sales climb in august as gas prices push buyers
New EV sales increased 2.5 percent in August compared to July. That monthly bump does little to offset the year-over-year picture, however, with battery-electric sales still down 46.9 percent from a year ago, when buyers rushed to close deals before the federal tax credit expired.
Tesla remains the dominant force. August EV deliveries totaled about 79,000, and Tesla captured roughly 41,000 of those-better than half-though its own tally slipped 3.8 percent versus July. Toyota placed a distant second, with volume surging 34.9 percent to 4,964 units.
Pricing is drifting toward parity with combustion vehicles. New EV transaction prices dipped 1.3 percent from the prior month and sat 2.8 percent below year-ago levels, landing at $54,754 against $49,907 for a gas-powered vehicle.
ev sales climb in august as gas prices push buyers
The used market told the stronger story. Pre-owned EV volume climbed about 26 percent from July and nearly 15 percent from twelve months earlier, hitting 44,350 units. The return of off-lease models is expanding the pool of affordable inventory, and the used total now outpaces new EV volume.
The average listing price for a used EV was $37,441 in August, down 1 percent from July but up 8.2 percent from a year ago. That figure still undercuts any new vehicle, gas or electric.
Tesla leads the used side too, claiming nearly 30 percent of the pre-owned EVs that changed hands during August. Other brands posted large gains from smaller bases, with Nissan up 45.1 percent and Kia up 32.1 percent. The Tesla Model 3, Tesla Model Y, and Ford Mustang Mach-E recorded the biggest jumps in resale volume from one month to the next, according to Cox.
The widening supply of off-lease EVs is giving shoppers cheaper entry points into full electrification.
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