Used EVs Strengthen Overall Electric Vehicle Market – June 2026
The used EV market continues to expand, supported by improving supply and a growing wave of off-lease returns, reinforcing the used market’s increasing role in broadening consumer access and supporting overall EV adoption, according to the latest numbers released by Cox Automotive on June 16.
That meant the EV market overall showed further signs of stabilization in May, following softer conditions in April.
While new EV sales improved sequentially, overall demand remains below year-ago levels. The annual decline of 21.9%, however, was the smallest since government support was removed.
New And Used EV Sales Diverge
New EV Sales: New EV sales totaled an estimated 84,746 vehicles in May, rising 10.3% from April but falling 21.9% from a year earlier. EVs accounted for 5.7% of total new-vehicle sales, indicating a sequential improvement from April but still a notably softer market than a year ago.
Tesla remained the volume leader with 40,578 units sold, followed by Hyundai, Cadillac, Toyota, and Chevrolet. Tesla’s share of the EV market eased to 47.9%, down from April, as several competitors posted stronger monthly gains.
Among higher-volume brands, Hyundai, Cadillac, Toyota, and Subaru all gained ground in May, while declines at Chevrolet and Rivian limited the pace of the overall rebound.
At the model level, the Tesla Model Y and Model 3 continued to dominate, while the Hyundai Ioniq 5, Ford Mustang Mach-E, and Toyota BZ led the next tier of volume.
Used EV Sales: Used EV sales reached 42,923 units in May, up 5.5% month over month and 24.7% year over year, with used EV market share holding at 2.8%. Tesla again led with 15,353 units sold through non-Tesla dealers, though volume declined slightly month over month, followed by sales of Hyundai, Chevrolet, Ford and BMW.
Following April’s more normalized pace, May reflected continued steady growth across the used EV market. Month-over-month gains were broad-based, with many brands proving popular, led by strong growth among Hyundai, BMW, Volkswagen, and Cadillac.
The consistent year-over-year growth underscores continued expansion of the used EV business as off-lease returns and trade-ins build inventory depth across more brands and price points.
Used EV Premium Over ICE+ Widens
New EV ATP: The average transaction price (ATP) for a new EV in May was $54,532, down 0.5% month over month and 4% year over year, marking the 11th consecutive month of annual price declines. Incentives remained elevated and largely unchanged at 14% of ATP, or about $7,611 per vehicle.
The month-over-month movement primarily reflected volume-leader Tesla’s ongoing downward pressure on industry ATP, with pricing declining 1% month over month and 3.4% year over year in May. Industry pricing might have been lower if not for improved volume across several mid-to-higher priced EV models and brands, including Cadillac and BMW, and sales declines in lower-priced, high-volume entries, particularly Chevrolet.
For more detail, read the May Kelley Blue Book ATP report.
Used EV Listing Price: The average listing price for a used EV was $37,083 in May, up 3.8% month over month and 3.1% year over year. The increase was broad-based, with 31 makes posting higher prices, including several high-volume brands such as Tesla, Chevrolet, Hyundai, and Volkswagen.
Compared to ICE+, the used-EV price premium widened in May to $2,227, up from $1,398 in April, as used-EV price gains outpaced ICE+ on a month-over-month basis.
