Used EV Wholesale Values Outpace Market as Demand Strengthens

Used electric vehicle wholesale prices continued to outperform the broader used-vehicle market in the second quarter, with Manheim’s EV Index rising 12% year over year in June and 1.7% from May, Cox Automotive said Wednesday.

By comparison, the Non-EV Index increased 1.7% year over year and 0.2% month over month.

EV wholesale prices have increased each month in 2026, with average used EV prices rising 11.5% so far this year to about $30,400, according to Manheim.

Cox said growing model variety, improving consumer familiarity with EV technology and elevated fuel prices have supported used EV demand.

The Iran war has pushed oil prices higher, contributing to higher fuel costs.

The company added that rising off-lease EV volumes have not overwhelmed the wholesale market.

“We’re seeing a wider variety of EVs return from lease, helping provide dealers and retail shoppers more options than they had just a few years ago,” Cox Senior Director Jonathan Gregory said. “That broader availability is helping demand remain resilient even as supply grows.”

Cox expects off-lease EV supply to increase in the second half of the year as vehicles from earlier lease cycles return to the market. Gregory said lower gasoline prices could weigh on EV demand as availability expands.

Retail used EV sales reached 42,923 units in May, up 24.7% from a year earlier, while used EV market share remained at 2.8%, according to Cox data.

Despite recent gains, EVs remain a small portion of overall wholesale activity, accounting for less than 4% of Manheim sales volume.

–Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com