Used EVs climbing while new EV share slips

Americans are buying fewer new electric vehicles and more used ones, splitting the United States electric-car market in two. (coxautoinc.com) Cox Automotive said United States drivers bought 216,399 new electric vehicles in the first quarter of 2026, down 27% from a year earlier. Electric vehicles made up 5.8% of all new-vehicle sales, unchanged from late 2025 and down from a 10.6% peak in the third quarter of 2025. (coxautoinc.com) At the same time, used electric-vehicle sales kept climbing. Cox said February used electric-vehicle sales rose 28.8% from a year earlier to 30,879 units, and Cox data cited by New Atlas put first-quarter used sales up 12% to about 93,500 vehicles. (coxautoinc.com) (newatlas.com) The basic split is price. A new electric vehicle still carried an average transaction price of $55,300 in February, while incentives averaged $7,870, and Cox said affordability is now driving demand more than policy. (coxautoinc.com 1) (coxautoinc.com 2) Used electric vehicles are getting closer to gasoline-car prices. Cox data cited by TechCrunch put the average used electric vehicle at $34,821, versus $33,487 for a comparable gasoline vehicle, leaving a gap of about $1,334. (techcrunch.com) Another force is policy. Thomson Reuters reported in September 2025 that the federal tax credits for new and previously owned clean vehicles were terminated for vehicles acquired after September 30, 2025, and Cox says the market is now adjusting to sales without that support. (tax.thomsonreuters.com) (coxautoinc.com) Inventory is shifting, too. Cox said new electric-vehicle days’ supply was 130 days in February, still 23.7% above year-earlier levels, while used electric-vehicle supply fell to 42 days, 10.2% below a year earlier. (coxautoinc.com) Dealers and wholesalers say bargain hunters are moving quickly when used models hit the market. Claims Journal reported that every electric vehicle on Plug’s wholesale platform drew 14 bids on average in the first quarter, double the traffic a year earlier, and some vehicles sold before reaching dealer lots. (claimsjournal.com) Cox’s Stephanie Valdez Streaty said the next phase depends on “more affordable products, smarter pricing strategies, and continued investment in infrastructure,” not the subsidy-driven rush that pulled buyers into showrooms before October 2025. The market is still electric, but in early 2026 the cheaper way in is increasingly the used lot. (coxautoinc.com)