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Thanks for reading EV Cents by Recurrent. Each edition brings you clear, data-driven insights from 1 billion miles of EV driving to help you better understand your car and the market.
Used cars don’t usually appreciate.
Since January, the average used EV has gained 5.1% in value. We compared the same makes, models, and model years in January and June across 108 combinations, and their values went up.
The gains are concentrated at the affordable end. Used EVs under $20,000 in January are up 9.4%. A 2023 Chevy Bolt EV that averaged $17,718 in January now averages $21,204. That’s a 20% jump in six months.
This isn't just our data. Cox Automotive saw the average used EV listing go up in April. Manheim's wholesale index for electric cars was up 11.4% year over year in mid-May, leading every other vehicle segment.
The car dealers see it too.
"EV values have gone up on the wholesale side of it. I look at that every day." — Rob Dell, Vice President, Bob Ruth Ford (Dillsburg, PA)
Rob called it before the indexes did. His prediction: even if EV production slows, "EVs have already taken the hit. I don't want to say going to appreciate, but at least stabilize in the short term." He was early, and he was right.
So what flipped?
Post-rebate demand is snapping back.
Gas crossed $4.00 a gallon this spring and has mostly stayed there. Gas spikes push buyers out of new cars and into used ones.
A wave of 2023–2025 lease returns is returning to used car lots, giving shoppers true variety for the first time.
Today more than half of used EV volume is under $30,000. The supply and the demand arrived together, and prices moved up instead of down.
From the Market
The EV models in highest demand
Used electric cars are selling faster than the used market overall right now. The hottest models move in about two weeks, at least three times faster than the average used car.
The leaderboard is mostly the affordable end doing what it's been doing all year: the 2023 Chevy Bolt EV tops the list, followed by the Kia EV6, the Bolt EUV, the BMW i4 and the Tesla Model Y.
Then there's the outlier: the Ford F-150 Lightning, near the top of the list despite a $44,200 average price, almost 2x the price of others on the list. Ford discontinued the battery-electric Lightning, and the used ones are now a scarce commodity.
"We all know Ford discontinued the Lightning truck. They probably wish they hadn't. They're in high demand." — John Iannone, Electric Car Corner (Farmington, NY)
Ask Recurrent
Question: “What are the best used EV deals right now?”
The sticker price only tells you half the story. Other half is what you actually get for it: real-world range and charging speed.
On that math, Hyundai and Kia dominate. The IONIQ 6 and IONIQ 5 routinely beat their EPA ratings, even as 3 year old vehicles, with some of the fastest charging times available.
The clearest head-to-head: a 2023 Tesla Model 3 averages $27,500. A 2023 IONIQ 6 gives you more real range and faster charging for about $3,000 less, and now charges on Tesla's Superchargers too.
Curious what your EV is actually worth today?
Prices are up across the board, and the only way to know your number is to see real offers. Get competing bids from vetted buyers in hours.
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