Used electric vehicle prices climb as fuel uncertainty fuels demand

The Manheim Used Vehicle Value Index highlights a consistent upward trend for EVs throughout the year, with average wholesale pricing climbing 11.5% to approximately $30,400. In contrast, non-electric models have remained relatively stable, seeing less than a 1% increase to $19,125. As retail pricing typically mirrors wholesale fluctuations, consumers are already facing higher costs, with average listing prices reaching $37,083 in May per Kelley Blue Book.

Market data underscores a clear divergence in consumer behavior. While demand for traditional SUVs and pickups remains sluggish, used EV sales reached 42,923 units in May—a 24.7% increase compared to the previous year. Tesla remains the dominant force in this segment, accounting for 15,353 of those sales, followed by manufacturers including Hyundai, Chevrolet, Ford, and BMW. Despite the rapid growth in transaction volume, EVs maintain a 2.8% share of the overall used vehicle market.