What Are the Fastest Selling Used EVs and Hybrids as Gas Prices Rise? – Image for illustrative purposes only (Image credits: Unsplash)
High gasoline prices and elevated costs for new vehicles propelled used electric vehicle sales to a monthly record in March. Cox Automotive reported 42,924 used EVs sold that month, reflecting sharp increases from both the prior month and the previous year.[1][2] Demand for used hybrids also climbed significantly, underscoring a broader shift toward electrified options amid economic pressures.
Used EV Sales Reach New Heights
Sales of pre-owned electric vehicles jumped 53.9% from February’s total and rose 27.7% compared to March of the prior year. This performance lifted the used EV segment’s market share to 2.5% of all used vehicle transactions.[1] Inventory tightened further, with days’ supply dropping to 31 days – below that of internal combustion engine vehicles for the first time in recent months.
The momentum stemmed partly from improved availability of off-lease models from earlier years, when federal incentives boosted leasing. Shoppers encountered greater variety at lower price points, narrowing the average listing price premium over comparable gas-powered used cars to just $1,012.[1] Stephanie Valdez Streaty, director of industry insights at Cox Automotive, noted that “the used-EV market continues to gain momentum as inventory availability improves and shoppers see more product variety across price points.”[2]
Top Used EV Brands and Models Dominate
Tesla commanded the market with 15,385 units sold, more than triple the runner-up. Its Model Y emerged as the best-selling individual model in the segment. Chevrolet followed with 3,246 units, led by the Equinox EV, while Ford’s Mustang Mach-E powered 2,842 sales.[2]
Hyundai and BMW rounded out the top five, with 2,707 and 2,317 units respectively – the Ioniq 5 and i4 as flagships. Several brands, including Chevrolet, Ford, Hyundai, and Volkswagen, posted month-over-month sales gains exceeding 50%, fueled by rising stock levels.[1]
| Rank | Brand | Units Sold | Top Model |
|---|---|---|---|
| 1 | Tesla | 15,385 | Model Y |
| 2 | Chevrolet | 3,246 | Equinox EV |
| 3 | Ford | 2,842 | Mustang Mach-E |
| 4 | Hyundai | 2,707 | Ioniq 5 |
| 5 | BMW | 2,317 | i4 |
Hybrids Gain Traction in Parallel
Demand for used hybrids rose 41.8% during the period, mirroring the EV uptick as buyers sought fuel-efficient alternatives. While specific sales volumes for hybrids remained less detailed in reports, the trend highlighted hybrids’ appeal for those wary of full electrification.
Owners of hybrids typically save about $1,500 annually on fuel compared to gas vehicles, according to the U.S. Department of Energy. This positions hybrids as a practical bridge for cost-conscious drivers facing persistent pump prices.
Key Savings Comparison:
- Used EV fuel savings: $2,200 per year vs. gas cars.
- Hybrid fuel savings: $1,500 per year.
- EV maintenance edge: $8,811 lower over 200,000 miles.
Factors Fueling the Shift
Gasoline averaged $4.23 per gallon nationwide as of late April, up from $4.02 the week prior, with analysts citing geopolitical tensions for potential further gains. New vehicle transaction prices trended near $46,000, making used electrified options more attractive.[2]
Lease returns from 2022-2025 flooded the market, as those vehicles had qualified for a $7,500 commercial tax credit loophole. Nathan Reid, CEO of uShip, predicted “thousands of used EVs” would continue entering circulation, expanding choices for budget buyers.[2] Dealers benefited from quicker turnover, while consumers eyed long-term ownership cost reductions.
These dynamics point to sustained growth in the used electrified segment, even as new EV sales lagged year-over-year.