Used electric vehicles (EVs) are having a moment. Pre-owned electric-car purchases jumped 40 percent year over year in July to 36,670 units—about 2.2 percent of the used market—per Cox Automotive’s monthly market monitor (the industry standard headcount for EV sales).

“As we move toward the end of Q3, when EV incentives are set to expire, new and used EV sales have remained robust,” Jeremy Robb, Cox Automotive’s deputy chief economist, said.

Here’s what appears to be powering the spike:

• Impending tax-credit sunset = hurry-up buying. Congress moved to end federal EV purchase credits on Sept. 30, 2025—that’s up to $7,500 off new and $4,000 off used—so shoppers are racing the deadline. Automakers are also pushing last-minute promos, per Reuters.
• Prices are more approachable, especially used. New-EV transaction prices averaged $55,689 in July. For used EVs, the average listing price was $35,263 in June)—and inventories are turning faster (about 40 days to sell in July).
• Range anxiety is fading. Many new models now exceed 300 miles on a charge (vs. sub-200 for a lot of models just a few years ago), which nudges older EVs down the value ladder—and into more budget-friendly territory. (See S&P Global’s recent EV market analysis for how tech and pricing are reshaping adoption.)
• More choices hitting the used lot. iSeeCars tracked a 61.8 percent jump in used-EV listings in early July versus a year earlier, reflecting lease returns and trade-ins finally flowing through.
• Ownership math still matters. AAA’s 2025 report shows EVs can carry higher depreciation and insurance even as they save on fuel and maintenance—one reason used prices can look especially attractive compared to new.

A few reality checks to balance the hype: S&P Global says overall EV market share has been choppy in 2025 despite record volumes, and some brands are cooling off while others surge, which means bargains exist, but model-by-model dynamics are noisy.