Used EV sales surge amid high gas prices

Sales of new electric vehicles have declined significantly, but the used EV market is experiencing robust growth. Used EV sales increased by 12% year-over-year in the first quarter, with a notable 17% jump from the previous quarter. This surge is driven by a combination of factors, including rising gasoline prices and a substantial influx of pre-owned EVs entering the market from expiring leases. Consequently, the prices of used EVs are becoming competitive with traditional gasoline-powered vehicles, making them an attractive option for budget-conscious consumers.