The gap is basically gone. Used EV prices have closed in on used gas car prices this year. In some months, the difference amounts to little more than a tank of gas. If you’ve been waiting for electric cars to become “normal-priced” used vehicles, that moment has arrived. But it’s more complicated than a single headline number suggests.
By March 2026, the average used EV sold for $34,653. That’s just $1,102 more than the average used gas-powered car at $33,641. A few months earlier, in January, Cox Automotive had already flagged the shrinking gap. The premium had narrowed to $1,376 from $2,591 the previous December. Go back further to last August, and the premium was down to just $897. That was the smallest gap on record at that point. Fourteen used EV models were actually pricing below their gas equivalents.
So are used EV prices really matching gas cars now?
Yes, roughly — but the story shifted again by summer. Used EV prices are no longer just catching up to gas cars. In the cheapest segment, they’re now rising faster than gas car prices. That flips the usual depreciation script on its head.
By June 2026, the average 1- to 5-year-old used EV hit $33,305. That’s up 7.4% from a year earlier. The average used vehicle overall actually dropped 1.3% to $32,395 over the same span. Used EVs under $20,000 climbed 9.4% in the first half of 2026 alone. Pricier EV bands saw much smaller gains. That’s a strange twist for a category that spent 2023 through 2025 losing value faster than almost any other segment on the used lot.
What’s pushing prices in opposite directions?
- Lease-return flood: EVs are projected to jump from 2% of all lease returns in 2025 to 8% in 2026. That’s dumping a wave of low-mileage used electrics onto lots.
- Expired federal tax credit: The $7,500 new-EV credit disappeared after September 30, 2025. That made new EVs comparatively pricier and pushed more shoppers toward used ones.
- Gas price spikes: Pump prices crossed $4 a gallon this spring amid oil market disruptions. That nudged budget-conscious buyers toward anything electric.
- New car price hikes: Import tariffs added roughly $450 to $2,000+ to new car sticker prices. That shifted more demand into the used market broadly.
Which used EVs are the best deals right now?
The cheapest, highest-volume models remain the smartest entry points. Think Nissan Leaf, Chevy Bolt, and older Tesla Model 3s. These have historically priced under the market average. They also give you real range for commuter driving without a luxury price tag.
| Model | Approx. Used Price | Why It’s a Deal |
|---|---|---|
| Nissan Leaf | ~$12,900 | Cheapest mainstream used EV; ideal for short commutes |
| Chevrolet Bolt EV | ~$14,700 | Discontinued but reliable, roomy for the price |
| Tesla Model 3 | ~$23,300 | Strong range, resale, and Supercharger access |
| Ford Mustang Mach-E | Below market avg. | SUV shape, priced under average despite feature set |
Want a deeper breakdown of which specific models and model years to target? Our used EV buying guide walks through the pricing traps and negotiation tactics that can save you real money.
Is now actually the time to buy a used EV?
For most shoppers, yes — buy now rather than wait. Prices in the affordable segment are trending up, not down. That means the “wait for it to get cheaper” strategy from 2024 no longer applies the same way in 2026.
Roughly 500,000 EV lease returns are projected in 2026, with potentially double that in 2027. So inventory isn’t disappearing. But demand for the cheap stuff is outpacing that supply, and prices under $20,000 are already proving it. If you’ve had your eye on a Leaf, Bolt, or older Model 3, shopping this fall beats gambling on a further price drop that may not come. Our roundup of the 329,000 off-lease EVs hitting lots this year is a good next stop if you want to see which specific vehicles are flooding in.
What should you still watch out for?
Price parity with gas cars doesn’t mean total cost of ownership is identical. Battery health, insurance costs, and charging access still swing the math. Sometimes the swing is significant.
Insurance is the biggest asterisk. EV premiums typically run 10% to 20% higher than comparable gas vehicles. Some studies have found gaps as wide as 49% for certain models, largely due to repair costs. Battery degradation also varies a lot by brand and climate. Check our used EV battery health breakdown before you commit to a specific model. Still torn on whether an EV fits your life at all? Our EV decision framework is built exactly for that call.
None of this erases the bigger picture, though. As CNBC reported, used EVs are appreciating in a way that almost never happens in the used car market. That’s a signal worth acting on, not waiting out.
FAQ
Are used EVs actually cheaper than gas cars now?
They’re close to even on sticker price. Recent averages show used EVs running only about $1,000 to $1,400 more than comparable used gas cars, down from a much bigger gap a couple of years ago.
Will used EV prices keep rising?
The cheapest EVs, those under $20,000, have been rising the fastest in 2026. Demand is outpacing supply in that price band. So waiting for that segment to get cheaper isn’t a safe bet right now.
Do used EVs cost more to insure than gas cars?
Generally yes. Industry estimates put EV insurance premiums 10% to 20% higher than gas-car equivalents. Some models see even bigger gaps due to costlier repairs.
What’s the best used EV for a tight budget?
The Nissan Leaf and Chevrolet Bolt EV remain the cheapest mainstream options. Both are often priced well under $20,000. That makes them solid picks if you mainly need a reliable commuter car.