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Used electric vehicle (EV) prices are currently rising due to a surge in consumer demand, with the Manheim Used Vehicle Value Index for EVs climbing 12% last month compared with June 2025. This trend contrasts with a modest 1.7% increase for non-EVs, as rising gas prices and shifting market conditions drive buyers toward pre-owned electric models.
Used Electric Vehicle Market Trends
The secondary market for all-electric vehicles is experiencing a period of price appreciation. According to data from Manheim, a subsidiary of Cox Automotive, wholesale prices for used EVs jumped 11.5% throughout the first half of 2025, bringing the average price to approximately $30,400. In comparison, non-electric vehicle prices have remained relatively stable, seeing less than a 1% increase over the same timeframe, with average prices sitting at $19,125.
Retail pricing generally tracks with these wholesale shifts. Kelley Blue Book reported that the average used EV listing price reached $37,083 as of May 2025. Market volume is also expanding; Cox Automotive noted that used EV sales to consumers hit 42,923 units in May, representing a 24.7% increase year-over-year.
The Influence of Fuel Costs and Supply
Gasoline prices serve as a primary indicator for used EV demand. AAA data indicates that national average gas prices have risen approximately 21% over the past year. Jonathan Gregory, senior director at Cox Automotive, suggests that pump prices remain the "swing factor" for the market. If fuel costs moderate, the current intensity of demand for EVs could potentially soften.
Supply dynamics are also shifting. The market is bracing for an influx of off-lease vehicles in the second half of the year. This wave of supply is the result of aggressive leasing strategies deployed by automakers three years ago. While this increased inventory could provide more options for buyers, it also carries the potential to pressure price segments that are currently holding firm.
Performance Gap Between New and Used EVs
While the used EV market is seeing price growth, the new vehicle segment has faced different pressures. Many manufacturers reported sales declines for new EVs during the second quarter of 2025. This divergence is partly attributed to the volatility of federal incentives.
Last year, demand for new EVs spiked ahead of the expected expiration of federal tax credits. Once those incentives ended in September, new EV sales saw a significant contraction. Currently, Tesla continues to lead the used EV market in terms of volume, with 15,353 units sold in May, followed by Hyundai, Chevrolet, Ford, and BMW.
Market Comparison: Used EV vs. Non-EV
| Metric | Used EVs | Used Non-EVs |
|---|---|---|
| Wholesale Price Growth (YTD) | 11.5% | <1% |
| Average Wholesale Price | ~$30,400 | ~$19,125 |
| June Month-over-Month Change | +12% | +1.7% |
Source: Manheim Used Vehicle Value Index, June 2025.
Looking ahead, the market’s stability will depend on the balance between rising inventory from returning leases and the continued sensitivity of consumers to national fuel prices. If the supply of off-lease EVs grows as anticipated, analysts expect it may create downward pressure on prices, even if current demand metrics remain elevated.
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