Used EV Prices Jump 12% as Iran War Lifts U.S. Gas to $3.80
Updated
Updated · CNBC · Jul 8
Used EV Prices Jump 12% as Iran War Lifts U.S. Gas to $3.80
2 articles · Updated · CNBC · Jul 8
Summary
Cox Automotive said wholesale used EV prices rose 12% in June from a year earlier, far outpacing the 1.7% gain for non-EVs as drivers reacted to higher fuel costs.
Average wholesale used EV prices have climbed every month this year, up 11.5% to about $30,400; retail prices typically follow wholesale moves, with used EV listings already averaging $37,083 in May.
Demand has strengthened alongside the price gains: used EV sales reached 42,923 units in May, up 5.5% from April and 24.7% from a year earlier, while market share held at 2.8%.
AAA puts U.S. gasoline at $3.80 a gallon, about 21% above a year ago, and Cox said further oil-price spikes from fighting in Iran could keep supporting used EV demand.
Later this year, a wave of off-lease EVs could add supply and cap gains, even as new EV sales have weakened after last year's buying surge ahead of the end of up to $7,500 in incentives.