Electric vehicle buyers suddenly started showing up in droves at dealers in March, with sales through the roof. But it's not new EVs that had customers rushing into showrooms to take home something with a plug. It was sales of used EVs that showed the biggest gains, way up over February as well as last year. Used EV Sales Up More Than 50% Last Month © 2025 EVgo Services LLC. Used with Permission. Last month's EV sales data from industry analysts Cox Automotive shows just how big the leap was. The company reports that a total of 42,924 used EVs were sold in the US last month. It's a record high, and the figure is a 27.7% jump from March 2025 and up a whopping 53.9% from February. But with the supply of vehicles falling, can this growth continue? Some brands, including Chevrolet, Ford, Hyundai, and VW, all saw increases of more than 50%, Cox said. Though that doesn't benefit the manufacturers directly, since they don't sell used vehicles. The trend has made getting a used EV tougher despite there being more vehicles offered up for sale. The supply of used electrics has fallen 31.7% from the prior month and 28.8% from a year ago, with just 31 days of supply available. In February, there were four days of EV inventory more than gas, while in March that fell to four days less. Higher demand for used EVs has helped stabilize prices despite massive discounts on new EVs. The average used EV asking price in March was $34,753, down just 0.4% from February. The price premium for a used EV over a used gas vehicle was just $1,012 in March, bringing electric vehicles closer to cost parity than ever. Removing the $4,000 used EV federal tax credit doesn't seem to have had a major impact on availability or pricing. Though it applied only to sub $25,000 EVs, and had an income cap that helped limit its reach. Expect Used EV Sales To Continue To Grow Chevrolet New EVs still outsold used, with 82,269 sales reported. That's down almost 25% from last year, but up 20.2% from February. High gas prices are likely driving some of that, but EV market sharewas still downa full percentage point from last year at 5.9%. Tesla sold half of those new EVs, with 41,055 units reported. Chevrolet and Hyundai followed, with a surge of new EVs from Toyota putting that brand in fourth. Though Tesla sold the most EVs, its electric market share fell significantly, from 56.3% in February to 49.7% in March. With the national average gas price sticking above $4.00 per gallon, will sales of new and used EVs continue to grow? Cox says that past data shows it takes extended periods of high gas prices to shift buyer behavior. Think years, not weeks. On the used side, sales will continue to grow because of the lag behind sales of new electrics. The strong growth in EV sales over the last four years, at least until the federal incentives ended last fall, will result in more used electric vehicles available to buy. With more units and prices near parity with gas, you can expect those used electric vehicles to increase in popularity. At least until the supply starts to dry up, and it seems likely that will happen again in a few years unless the new EV market recovers.
Liked by Olivia Martin, Matthew Poirier
Liked by Olivia Martin, Matthew Poirier
Liked by Olivia Martin, Matthew Poirier
