Gas prices aren’t the only factor fueling used EV sales

THIS WEEK ONLY: Save close to $500 on your Disrupt pass. Offer ends April 10, 11:59 p.m. PT. Register here. Save up to $680 on your Disrupt 2026 pass. Ends 11:59 p.m. PT tonight. REGISTER NOW. TechCrunch Desktop Logo TechCrunch Mobile Logo LatestStartupsVentureAppleSecurityAIApps EventsPodcastsNewsletters SearchSubmit Site Search Toggle Mega Menu Toggle Topics Latest The most recent electric vehicles sales data provided a grim picture — at least for new EVs. Sales of new electric vehicles took a beating in the first quarter, falling some 28% year-over-year after the Trump administration axed the $7,500 consumer tax credit, according to Cox Automotive. Used EVs are moving in the opposite direction. And a couple of accelerants have combined to supercharge those sales. First-quarter used EV sales increase 12% compared with the same quarter last year, according to that same Cox Automotive report. There’s a bit of momentum over a shorter term too; used EV sales popped 17% between the fourth and first quarters. The rising cost of gas — the average price is above $4 a gallon — has helped spur interest and sales of electric vehicles. But there’s another factor at play here as consumers seek out affordable options: an abundance of expiring leases, the Financial Times reported. EV leases were a popular choice in the early 2020s and now that they’ve expired, hundreds of thousands of pre-owned EVs are entering the marketplace. And consumers are ready for them. By the end of the year, EVs will account for 15% of all off-lease vehicles, double from 7.7% in the first quarter, the FT reported. The ol’ economic principle of supply-and-demand remained steadfast; the surge of pre-owned vehicles helped push prices lower, giving those sales a further boost. That’s led to price parity — or close to it — with internal combustion vehicles. According to Cox Automotive, the average price of a used EV is $34,821 compared to $33,487 for the gas engine equivalent. Techcrunch event This Week Only: Up to $482 savings for Disrupt 2026 Offer ends April 10, 11:59 p.m. PTYour next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to secure these savings. This Week Only: Up to $482 savings for Disrupt 2026 Offer ends April 10, 11:59 p.m. PTYour next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to secure these savings. San Francisco, CA | October 13-15, 2026 REGISTER NOW Topics StrictlyVC kicks off the year in SF. Get in the room for unfiltered fireside chats with industry leaders, insider VC insights, and high-value connections that actually move the needle. Tickets are limited. Newsletters See More Subscribe for the industry’s biggest tech news Every weekday and Sunday, you can get the best of TechCrunch’s coverage. TechCrunch Mobility is your destination for transportation news and insight. Startups are the core of TechCrunch, so get our best coverage delivered weekly. Provides movers and shakers with the info they need to start their day. By submitting your email, you agree to our Terms and Privacy Notice. Gas prices aren’t the only factor fueling used EV sales Kirsten Korosec 21 seconds ago In Brief Why safety regulators closed their investigation into Tesla’s remote parking feature Kirsten Korosec 3 hours ago TechCrunch Disrupt 2026 Ticket savings of up to $500 this week for TechCrunch Disrupt 2026 TechCrunch Events 7 hours ago X LinkedIn Facebook Instagram youTube Mastodon Threads Bluesky TechCrunchStaffContact UsAdvertiseCrunchboard JobsSite Map Terms of ServicePrivacy PolicyRSS Terms of UseCode of Conduct KalshiCopilotBlue OriginWordPressBezosTech LayoffsChatGPT © 2026 TechCrunch Media LLC.