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3w ago

Fuel Spike and Off‑Lease Wave Lift the Used EV Market

Rising fuel prices are steering cost‑conscious buyers to a growing pool of cheaper used EVs.

Domestic vehicles waiting to be loaded onto a ro-ro ship for export at Lianyungang Port, in Lianyungang, China, on March 21, 2026.
Electric vehicles on the assembly line at the BYD factory in Zhengzhou, China, on November 5, 2025.
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Overview

  • Consumer interest is jumping as petrol and gas costs rise, with Australia’s Carsales reporting EV searches nearly tripled this month and U.S. sites like Edmunds noting a clear uptick in research activity.
  • A large cohort of lease returns is swelling second‑hand supply in 2026, with industry trackers estimating roughly 300,000 to as many as 500,000 EVs coming off lease and many listings now under $25,000.
  • Used EV prices are much lower than two years ago and appear to be finding a floor, with CarGurus data putting average prices down about 35% since 2022 and showing used Tesla prices up in recent weeks.
  • Policy moves are adding uncertainty, as House Republicans propose a $250 annual federal fee on EVs and the AA warns UK plans for per‑mile charges are denting confidence, which its survey shows remains low for used‑EV buyers.
  • Ownership barriers continue to ease, with more public fast chargers added last year in the U.S., battery‑health data showing about 97% range retention after three years, and fuel‑cost math now favoring EVs for many households.