Used EVs keep getting more expensive amid Iran war, high gas prices
Used electric vehicle prices are rising due to increased demand driven by high gas prices and geopolitical instability in Iran. While non-EV used car prices remain relatively stable, the wholesale value of EVs has seen a double-digit percentage increase over the past month.
Why it matters
Fluctuations in the used EV market reflect broader economic sensitivities to energy costs and supply chain shifts in the automotive sector.
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 report relies on industry data from Cox Automotive and Manheim to explain market trends without taking a political stance.
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