Used EV prices surge 12% in US due to gas prices and Iran conflict

Used electric vehicle (EV) prices in the US rose 12% year-over-year in June, far outpacing the broader used-car market, according to data from Cox Automotive. The surge is attributed to rising gasoline prices linked to the conflict with Iran and a rebound in demand for electrified models. Source: Clarín, Infobae

The Manheim Used Vehicle Index rose 2.1% year-over-year to 212.9 points in June. However, the index for used EVs jumped 12%, compared to just 1.7% for non-EVs. Source: Infobae

Market dynamics

• Wholesale used EV sales rose 20% in the second quarter, while retail used EV sales increased 19% year-over-year. Source: Clarín
• Overall used car retail sales are down 2% year-to-date, and new car sales have fallen 3% compared to 2025. Source: Infobae
• Cox Automotive forecasts the Manheim Index will end 2026 up 2% year-over-year, with total used sales reaching 38.4 million units (down 0.5%) and new sales at 15.8 million (down 1.7%). Source: Clarín, Infobae

The conflict with Iran has increased volatility in global energy markets, pushing gasoline prices higher and accelerating consumer transition to electric mobility via the used market as a quicker, cheaper option than new EVs. Source: Clarín In Europe, similar trends are emerging: diesel and gasoline price increases, due to the Iran conflict and existing fuel taxes, are driving demand for used EVs in Germany, France, and Spain, reversing a period of price declines from 2024-2025.