Gas prices are soaring. So is the demand for used EVs
undefined 7, 2026
Rising gas prices, driven by the Iran war and disruptions in the Strait of Hormuz, are boosting demand for used electric vehicles. Dealers report increased inquiries as fuel costs climb, with used EV sales up 12% in early 2026. At the same time, many automakers are slowing new EV development. Used EVs are becoming more attractive because prices are closer to gas cars, and about 200,000 leased EVs are expected to enter the used market this year, increasing supply.
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