Electric vehicle sales rebounded in March, with both new and used markets posting solid gains compared to February. That said, the year-over-year picture remains a bit more complicated.
New EV sales jumped 20.3% month-over-month, while used EV sales skyrocketed 53.9% between February and March, according to Cox Automotive’s EV Market Monitor.
What we know: The March spike in the new EV market, with 82,629 vehicles sold, still did not make up the ground lost in the past year after the expiration of the clean vehicle tax credits:
New EV sales fell 24.7.% from March 2025.
New EV prices are down 6% year-over-year at $54,508, but remain more than $5,000 above ICE models.
Tesla remains atop EV sales, owning a 49.7% share with 41,055 vehicles sold.
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Why this matters: The used EV market continues to evolve, with more units hitting the market, prices decreasing, and sales increasing.
Used EV sales hit 42,924 in March, an increase of 27.7% year-over-year, and an impressive increase considering the expiration of the clean-vehicle credit in September.
Used EV prices dropped to $34,653, closing within $1,012 of the average price of ICE vehicles. Prices for used EVs are down 6.1% in the past year.
What they are saying: Stephanie Valdez Streaty, Director of Industry Insights at Cox Automotive, told CDG that the new EV market is continuing to adjust following the expiration of the clean vehicle credits.
She added that there are new opportunities in the used EV market as consumer confidence grows and prices retreat.
“EV adoption in general is about cost, confidence, and convenience,” Valdez Streaty said. “Used EV costs are getting closer to ICE vehicles, due partially to the off-lease vehicles hitting the market. Confidence is growing with dealers being able to tell consumers about the health of the battery and building trust with more transparency…Selling a vehicle that has the battery score on the listing instills trust.”
Bottom line: Elevated gas prices due to the conflict in the Middle East have fueled interest in the EV market again, despite the expiration of clean-vehicle credits of between $4,000 and $7,500 in September. In other words, cost-conscious buyers are increasingly considering used EV options, and dealers can capitalize on this market by disclosing battery condition information.
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