Used EVs are flying off the lot, but is it a smart time to buy?

A few years ago, it was basically a Tesla, Nissan Leaf, or Chevy Bolt if you were looking for a used electric vehicle. Nowadays, you can buy used Toyota, Ford, Hyundai, Chevy, or Honda EVs for about the same, or even less than, gas-powered cars.

Is now the time to buy used EVs?

Used EVs are now the fastest-selling cars in the US. A record 40,960 used electric vehicles were sold in the US in August, according to Cox Automotive, up 59% from the same month in 2024.

Despite also hitting a new record in August with 146,332 units sold, new EV sales increased by only 17.7% compared to last year.

With the federal tax credit of $7,500 for new and $4,000 for used EVs set to expire on September 30, buyers are rushing to lock in the savings.

Advertisement – scroll for more content

So, why are used EVs flying off the lot compared to new models? For one, there are so many more options to choose from. Used electric vehicles from Ford, Volkswagen, BMW, Toyota, and Honda are starting to appear at dealerships across the US.

In 2022, a flood of new options, like the Ford F-150 Lightning, Toyota bZ4X, Cadillac Lyriq, and BMW i4, launched in the US. Since many buyers opt for a three-year lease, these same EVs are now hitting the used market.

Perhaps, even more importantly, the price is comparable to that of a similar gas-powered car, but it typically offers significantly more.

The price premium over used ICE vehicles is now just $897, the lowest on record. In fact, 14 makes had a lower average EV price than their gas-powered counterpart.

The top five selling used EVs, the Tesla Model 3, Tesla Model Y, Chevy Bolt EV, Tesla Model S, and Ford Mustang Mach-E, were all priced below the market average. Tesla’s Model 3 led used EV sales with an average price of $23,278, while the Nissan LEAF ($12,890) and Chevy Bolt ($14,705) remained the most affordable.

Cox Automotive expects another strong month for both used and new EV sales, with the IRA tax credit expiring at the end of September. How automakers react with price changes and incentives will impact sales through the end of 2025.

Since electric vehicles have fewer moving parts, require little maintenance, and offer more advanced software, safety, and connectivity technology, the new wave of used models may be your best bet for an affordable EV.

With models like the Honda Prologue, Hyundai IONIQ 5, and Chevy Equinox EV leading the way in new EV sales, more used EVs are already starting to hit the market. The top six selling new EVs in August were the Tesla Model Y, Model 3, Honda Prologue, Chevy Equinox EV, Hyundai IONIQ 5, and Ford Mustang Mach-E.

There are still two days left to grab the EV savings. If you’re curious, you can use the links below to see what’s available in your area.