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Used EV sales are picking up serious momentum in the US – and now there’s hard data to back it up.
According to Cox Automotive, used EVs had a standout first quarter at Manheim, the US’s largest wholesale auto marketplace. Sales hit a record in Q1, with nearly 37,000 EVs sold through Manheim’s auction lanes.
That surge lines up with broader demand. Cox Automotive estimates that more than 100,000 used EVs were sold at retail in Q1, making it the second-strongest quarter on record. The only higher mark came in Q3 2025, when buyers rushed to lock in government-backed incentives before they expired.
On the wholesale side, used EV sales rose 12% year over year and jumped 17% compared to Q4 2025. Prices also held firm through March, rising along with the typical spring market bump.
One likely factor: higher gas prices. As fuel costs ticked up, dealers appeared more willing to lean into used EV inventory, which is typically much cheaper than buying new.
Supply is also growing – fast.
A wave of off-lease EVs is now hitting the market, many of them originally leased during the Biden administration when the $7,500 federal tax credit helped drive adoption. Those vehicles are now cycling back into wholesale channels, boosting availability.
And there’s more coming. Experian expects EVs to make up 15% of all off-lease vehicles by the end of 2026, up from 7.7% in Q1, the Financial Times reported.
Not all of those lessees are buying their cars at the end of the lease. Many are walking away when the residual value exceeds the vehicle’s market value. That’s pushing more EVs back into auctions.
Lenders have been adjusting to those pricing gaps over time, helping the market absorb the growing supply without major disruption.
For now, the takeaway is pretty clear. More used EVs are hitting the market, and buyers – and dealers – are stepping up.
If the current trend holds, expect even more activity in the months ahead as that off-lease wave continues to build.
Read more: Most EV batteries outlast their cars, real-world data shows
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