1. Used EVs are holding their 2026 gains
In July, we reported that used EV prices rose 5% from January to June. Used cars don't normally appreciate, so that got our attention. It turns out that wasn't a fluke: prices are still 8% above last year.
Cox Automotive's retail data shows the overall pattern: the average used EV listing price was $37,832 in July and $37,441 in August. This represents a slight decrease from the June peak, but is still 8% higher than August 2025.
Dealers have seen wholesale values ease slightly in the last couple of months. Wholesale tends to lead retail, so that could be the front edge of a pullback, especially if gas prices fall. One dealer who buys used EVs directly from consumers told us on a recent EV Insider episode that he does not see it that way.
I truly do believe we're in a period of stabilization. I don't foresee any drastic changes in the next six months, even if gas prices do come back down. My experience has been that most EV buyers, once they've experienced that world, they stick to it pretty well.
- Chris Taylor, Certified Autobrokers
Overall market averages hide a wide spread by model. Several popular used EVs continued to gain value from June to September, even as the overall market eased.
>> Recurrent analysis of used EV listing data. Models with at least 200 listings in each of June and September.
The takeaway is that used EVs are holding value. They have kept most of what they gained in 2026. For shoppers, prices have stopped rising. For owners thinking about selling, the question is how long the current levels last.
2. A year after the used EV credit ended, used EV sales are up
The $4,000 federal credit for used EVs under $25,000 ended on September 30, 2025. As expected, sales slowed dramatically in Q4 2025. Since then, used EV sales bounced back, even as overall used car sales are down 3% from a year ago (Cox, August).
Gas prices are a big part of the story. This week, the national average is $4.46 a gallon, more than a dollar higher vs. a year ago. But we'd caution against crediting the whole recovery to prices at the pump alone.
We've seen a nice rise in EV values, and we can assume that's based on gas prices and people just getting sick and tired of what they're paying at the pump.
- Chris Taylor, Certified Autobrokers
Recurrent has studied 15 years of gas spikes and their impact on EV sales. Most spikes did not move EV sales right away. The exception was 2022, when gas stayed high for six months after Russia invaded Ukraine and EV sales surged. We’re now at 7 months of high gas prices since the Iran War started, and while that has not translated to increased new EV sales, it has more than made up for the loss of the $4,000 federal rebate on used EVs.
The second part of the story is supply. EVs leased in 2023, the first year the $7,500 credit applied to leases, are now coming back at the three-year mark. Off-lease EVs are reaching dealer lots in larger numbers, giving budget-minded buyers something to buy at a lower price point. In 2022, shoppers had to buy a new EV or hybrid to escape high gas prices. In 2026, the used EV sector is mature enough to be an option for most people.
That three year old off lease EV market is absolutely insane right now. It's that high twenties EV with low miles that people are fighting over, because it's still got all the technology and you still save all the money. It's an affordability play.
- Jon Alcorn, Dogwood Automotive Group
That raises the obvious question. What happens when gas comes back down? J.D. Power's data says EV buyers rarely go back.
It's upwards of almost 80 percent loyalty to EVs. Once you get in, you want to keep getting them.
- Tyson Jominy, J.D. Power
One caution on industry headlines in the months ahead. Last September was the final month of the used EV credit, and sales spiked. Last October was the month after, and sales collapsed due to pull-ahead demand. So September 2026 used EV sales may look relatively flat year-over-year vs. the deadline rush of last year. October 2026 used EV sales will look like a historic surge on a year-over-year basis. Neither headline will be the real story so watch the two-year trend for the full view.
3. The used EV market is getting less Tesla-heavy
Tesla still leads used EV sales. About 30% of used EVs sold in August were Teslas, according to Cox.
But the used market follows the new market with a lag of a few years, and the new market has changed. Tesla's estimated share of new US EV sales fell from 72% in 2021 to 43% in 2025. Many of those non-Tesla cars are now starting to come off lease and into the used vehicle supply.
The shift is visible in market listings. In September, Teslas made up 45% of used EV listings, and 2023 and 2024 models together made up more than half. More than half of used EVs listed in September were priced under $30,000.
For shoppers, that means more choice among 3-year-old EVs than at any point. It also means sellers of those same models face more competition.
But more supply has not meant slower sales. These were the fastest-moving used EVs from June to September:
>> Recurrent analysis of used EV listing data, June to September 2026.
The Bolt is still the fastest-selling used EV, as it was last quarter. The surprise is premium trucks. The Silverado EV and F-150 Lightning, at median prices near $50,000, sell about as fast as a $28,000 Equinox EV.
For owners, this is a good market to sell into. Values are 8% above last year, and off-lease supply will keep growing. An owner with a Model 3 or Model Y can get a price today that wasn't an option a year ago. If you're deciding between selling and trading in, start with our guide to trading in a Tesla, or get an offer through Recurrent.
About this data
Some data in Recurrent's quarterly reports comes from Marketcheck, which aggregates listings from tens of thousands of dealership websites. It is a large, representative sample of the franchise and independent dealer market, but it does not capture private-party sales.
Real-world range, charging and efficiency comes from Recurrent's community of EV owners.
