Used EV sales climbed more than 10% year over year in July, and for the first time in six months, buyers looking for a used EV actually had more to choose from than buyers shopping used gas vehicles.
Used electric vehicle sales climbed more than 10% year-over-year in July, with 36,810 units sold, up 10.1% from a year ago and 7.9% from June, as lease returns and trade-ins brought more inventory to dealer lots.
📊 The Numbers
36,810 used EVs sold in July
46 days' supply, up 13.6% year over year, and higher than used ICE supply for the first time since February
Ford led all high-volume brands with 18.9% month-over-month growth; Chevrolet, Nissan, and Cadillac also gained ground
$37,832 average listing price, up 8.3% year over year but down 1.2% from June
The Line Worth Noting
Kyle's read on the show cut straight to what the data is actually showing: the market is answering the demand question on its own, without needing a lot full of incentives to force the decision.
You don't need incentives to let the market decide what it wants, when it wants it, and when the product is actually ready for them to acquire.
Paul's caveat is worth keeping in view too. These are still used EVs carrying real depreciation, with average prices well below new. Once fuel costs get factored into a monthly payment side by side with a gas vehicle, the math shifts in a way it didn't when gas was cheaper.
What This Means for Your Store
Rising gas prices are doing quiet work here. More supply, more buyer interest, and a fuel-cost gap that's widening all at once is a combination worth watching heading into fall, especially if lease returns keep feeding inventory at the current pace.
The used EV market didn't need a push. It just needed enough cars to choose from.
Six months of tightening ICE supply and loosening EV supply is a real crossover point, not a blip. Worth tracking whether it holds through August.
