For dealers weighing whether to stock more electric vehicles, July brought a signal worth watching: used EV sales climbed as both supply and consumer interest increased. According to Cox Automotive’s EV Market Monitor Report, used EV sales rose 10.1% year-over-year in July, reaching 36,810 units, up 7.9% from June.
Growing supply played a major role. Days’ supply of used EVs increased 13.6% year-over-year to 46 days, the first month since February that used EV inventory has outpaced used gas-powered vehicle inventory. Lease returns and trade-ins continued to feed that inventory growth. Rising gas prices, which reached a national average of $4.06 per gallon by mid-August, up from $3.14 a year earlier, also appear to be pushing more buyers toward electric options.
Ford posted the strongest month-over-month growth among high-volume brands at 18.9%, while Tesla, Chevrolet, Nissan and Cadillac also gained ground. Popular models included the Tesla Model 3/Y, Ford Mustang Mach-E and Hyundai IONIQ 5. Average used EV prices rose to $37,832, an 8.3% increase from a year ago, with used EVs commanding a $2,967 premium over comparable gas-powered vehicles. Wholesale EV prices also climbed 5% year-over-year, even as non-EV wholesale prices declined.
