Used electric vehicle sales are climbing sharply as prices close in on those of comparable gas-powered models. In March, used EV sales were 27.7% higher than the same month a year prior and 53.9% above February’s total, according to the Cox Automotive EV Monitor. A key factor behind the supply surge is the volume of vehicles leased between late 2022 and the end of 2023. Most of those agreements run three years, and the cars are now flowing back onto dealer lots in large numbers.
Data from Edmunds shows that EVs are expected to account for 8% of all lease returns in 2026, up from 2% in 2025. Greater supply has translated into lower prices. Cox Automotive data put the average used EV price in March at $34,653, a 6.1% decline from a year earlier. That figure was just $1,102 above the average used gas car, which came in at $33,641. A year prior, that gap had stood at $3,923.
The One Big Beautiful Bill Act, signed on July 4 last year, eliminated federal EV tax credits that had been set to run through 2032. Those credits had offered up to $7,500 on new vehicles and $4,000 on used ones, expiring at the end of September 2025. State-level incentives persist in most states, however, including tax credits, rebates, and utility discounts. A 2023 report from the National Conference of State Legislators documented the breadth of these programs.
Total cost of ownership for a used EV extends beyond the sticker price. Kelley Blue Book estimates put monthly home charging at about $59.66 for 1,015 miles, compared with roughly $169 at a public fast charger. A gas car averaging 30 miles per gallon costs approximately $147.24 for the same mileage at $4.09 per gallon. Installing a Level 2 home charger costs around $500, though homes needing electrical upgrades may face thousands more.
On the maintenance side, EVs generally carry lower ongoing costs. They require no oil changes, and regenerative braking extends brake life by using the motor to decelerate and recover energy into the battery. One offsetting factor is tire wear. EV battery weight accelerates tread degradation, meaning replacements may come sooner than gas-car drivers expect, per Consumer Reports.
Repair and insurance costs run higher for EVs than for comparable gas vehicles. A 2025 Insurify report put average annual EV insurance at $4,058 against $2,732 for gas-powered vehicles. Collision repairs on battery-powered vehicles averaged $6,395 in 2025, against $5,105 for gas cars, Mitchell International notes. Used EVs typically cost less to insure than new ones, and premiums vary significantly by model, insurer, and location.
Battery health is a particular consideration when buying a used EV. Most EV batteries carry a warranty lasting eight or ten years or 100,000 miles, and coverage typically transfers to subsequent owners. Consumer Reports puts replacement battery costs between $5,000 and $15,000, making it worthwhile to request a battery health report before purchase.
All in all, as firms like Massimo Group (NASDAQ: MAMO) put more EVs in the hands of motorists, the proliferation of electric drivetrains is likely to gradually slash the cost of ownership premium associated with these relatively novel drivetrains and bring them on par with gasoline or diesel-fueled versions.
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