High gas prices push drivers toward more affordable used EVs
April 13, 2026
High gas prices push drivers toward more affordable used EVs
Falling prices and rising inventory are making used electric vehicles more appealing to cost-conscious drivers.
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As gas prices continue to climb, more drivers are considering switching to electric vehicles — and new data shows that used EVs may be the most affordable way to do so.
Experts predicted earlier this year that deals on used electric vehicles would improve by spring. Now, new numbers suggest those predictions are coming true, with prices dropping and inventory growing.
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According to Cox Automotive, the average price of a new electric vehicle in February was more than $53,000 — a slight 1.4% decrease from last year. Meanwhile, used EVs averaged about $35,000, marking an 8.5% year-over-year drop.
That price gap is drawing attention from car buyers.
“Where you can get a new car with as compelling safety features for such a low price that’s almost never happened, so long as you know that you can make an electric car work for you,” auto expert and analyst Brian Moody explained.
Sales of new EVs fell 26.8% compared to last year, while used EV sales jumped 28.8%, signaling a shift in consumer behavior.
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Moody said the trend is largely driven by an influx of used EVs hitting the market after being leased during a period of federal tax incentives.
“What that results in is a lot of used electric cars that depreciate very rapidly. So for the consumer, that results in an amazing deal,” Moody said.
For some drivers, the switch to electric comes with hesitation.
Bill Tate, a Dallas resident visiting San Diego, said moving away from gas-powered vehicles a year ago wasn’t easy at first.
“I call it range anxiety, ” Tate said with a laugh. “The last two vehicles I had were big pickup trucks, and I saw the Hummer truck and thought I wanted one, but I wasn’t really sure about this whole electric thing.”
Still, he explained the benefits outweigh the concerns — especially when passing by gas stations.
“I don’t care what anyone says, I love the vehicle,” Tate said.
Other visitors to San Diego, like Imperial Valley resident Brian Quezada, are considering making the transition.
“Not only seems like a logical choice, but like a choice that could be very beneficial, you know, for someone at a day-to-day to drive somewhere,” Quezada said.
Moody said buyers should weigh a few key factors before purchasing a used EV.
- Compare electricity costs to average gas expenses.
- Check if the power train warranty transfers to subsequent owners. Most models allow it, but there are some that don’t.
- Understand if you’ll be able to adjust to a new lifestyle that revolves around driving an electric vehicle.
Tate, for one, has no regrets about going electric.
“It’s nimble, fast, and it just looks cool as hell,” Tate said. “I’m all in!”
Moody said if gas prices continue to rise, more drivers are likely to consider electric vehicles — but increased demand could eventually push prices higher.
This story was originally reported for broadcast by NBC San Diego. AI tools helped convert the story to a digital article, and an NBC San Diego journalist edited the article for publication.
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