Used EVs keep getting more expensive amid Iran war, high gas prices

Livestream Menu All-electric vehicles are in strong demand amid the Iran war and high U. S. gas prices, which is causing used EVs to see a jump in prices, according to Cox Automotive. The Manheim Used Vehicle Value Index for EVs — which tracks prices of used vehicles sold at its U. S. wholesale auctions — increased 12% last month compared with June 2025. That compares with a 1.7% increase for non-EVs. The trends in the used EV market are contrary to those of new all-electric vehicles, as many automakers reported sharp sales declines of electric vehicles during the second quarter. Tesla EVs recharge at a Tesla Supercharger station on July 2, 2026, in South Pasadena, California. Mario Tama | DETROIT — The Iran war and high U. S. gas prices are causing a surge in demand for used all-electric vehicles, which is making the pre-owned vehicles more expensive, according to Cox Automotive. The company on Wednesday reported that its Manheim Used Vehicle Value Index for EVs — which tracks prices of used vehicles sold at its U. S. wholesale auctions — increased 12% last month compared with June 2025. That compares with a 1.7% increase for non-EVs over the same period. Wholesale EV prices have increased every month this year, leading to an 11.5% jump in average pricing to roughly $30,400, according to Manheim. Non-EVs, meanwhile, have seen a less than 1% increase this year in average pricing, to $19,125, Manheim said. The average used EV listing price as of May was $37,083, according to Cox's Kelley Blue Book. Retail prices for consumers traditionally follow changes in wholesale prices. "EVs continue to show strong performance, while prices for SUVs and Pickups falter compared to this time last year," Manheim said in a release. Cox reports used EV sales to consumers 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 models are estimated to have led with 15,353 units sold, followed , Chevrolet, Ford and BMW all-electric vehicles. Jonathan Gregory, senior director of Cox Automotive, said gas prices are expected to continue to determine whether vehicle costs will rise amid an expected influx of off-lease EVs coming later this year. A growing number of used EVs are expected to the market through the end of the year after automakers bumped up their sales of all-electric vehicles with leasing offers three years ago. "The risk we're watching for the second half is that steep ramp in off-lease supply, EVs especially, which could pressure specific segments even as the headline holds firm.