Used EV prices in the US have risen for six months in a row, and the cars are now selling faster than petrol models. New iSeeCars data puts the average used EV at $32,533 in September, up 9.8 per cent from $29,637 a year earlier.
What has changed in the used EV market?
For much of the past two years, falling values dominated the EV story in the US. Now the second-hand market is moving the other way.
The iSeeCars study covers more than 1.5 million one- to five-year-old cars. Hybrids rose 4.9 per cent to $34,476, while petrol cars gained just 0.3 per cent to $31,954. As a result, a used EV now costs $579 more than a petrol car on average. A year ago, it cost $2,227 less.
Speed of sale has shifted too. Used EVs spent an average of 41.9 days on the market, down from 46.6 days. Petrol cars took 54.8 days, up from 45.7.
Separate Cox Automotive figures point the same way. Used EV sales reached 47,862 in September, up 21.2 per cent on the year, for a record 3.3 per cent of used car sales. Supply stood at 35 days, against 46 days for other cars. Cox reports a higher average listing price of $36,767, because it measures a different pool of cars.
Who’s buying these cars?
Fuel costs appear to be a major factor. “Ongoing higher fuel prices are likely driving the shift,” said Karl Brauer, executive analyst at iSeeCars.
Budget-conscious shoppers are also buying heavily depreciated lease returns. Many of them couldn’t previously afford an electric car. Meanwhile, expensive new EVs are spending long periods on dealer forecourts.
Why are lease returns so important?
Roughly 300,000 used EVs are reaching dealer lots this year as early lease deals end, and more will follow. That supply once looked like a threat, with warnings that cheap used EVs could hit residual values and cost carmakers billions.
Instead, buyers have absorbed many of those cars, which helps lenders and dealers. In turn, carmakers may gain from a first-time used EV buyer who later returns for a new car.
Which models are selling fastest?
Demand isn’t even across the market. The Audi Q4 Sportback e-tron sold in 29.8 days on average, and the Toyota bZ4X and Lexus RZ 300e also made the top 10 fastest sellers across all drivetrains.
Large electric trucks and SUVs tell a different story. The Cadillac Escalade IQ took 128.7 days, ahead of the GMC Sierra EV at 93.2 days and the Chevrolet Silverado EV at 89.1 days.
Brauer drew the same distinction. High fuel prices “seem to favor well-executed, desirable used EVs,” he said, but they don’t solve demand problems for less popular models.
Is now a good time to buy a used EV?
Shoppers who waited for prices to bottom out may have missed the lowest point. However, the 9.8 per cent rise is a market-wide average, so individual models will vary.
Buyers should also remember that the federal used EV tax credit ended in September 2025, so they can’t count on it to lower the price. Dealer promotions may still help, and it’s sensible to compare several listings. Condition, mileage and battery health all affect what a specific car is worth.
What could change the trend?
Six months of rising prices doesn’t guarantee a lasting recovery. Used EV prices were still falling year on year as recently as March, before fuel prices rose.
If pump prices ease, some of that demand could fade. New-car discounting and the flow of lease returns could also shift the balance. For now, the data shows a second-hand EV market with firmer prices and shorter selling times than a year ago.
