In April, the electric vehicle (EV) market showed clear signs of divergence: new EV sales declined, while used EVs posted record growth, underscoring a shift toward affordability amid rising prices and ongoing economic uncertainty.
According to Cox Automotive, used EV sales rose 14.4% month over month to 38,763 units, representing a 60.6% year-over-year increase, and accounted for 2.3% of the used vehicle market, the highest share to date.
Tesla led the used segment with a 27% month-over-month increase, capturing 47% of the market. Chevrolet and Ford followed with market shares of 8.9% and 6%, respectively. In addition, affordability is driving the shift, with 41% of used EVs selling for under $25,000, making them an attractive option as the used EV tax credit remains available.
Source | Kelley Blue Book, Dealertrack, vAuto
In contrast, new EV sales declined 5.9% from March and 5.6% year-over-year to 100,495 units. Despite the drop, EV market share edged up to 6.9%. Tesla gained 3.7 percentage points in market share, selling 25,231 Model Ys, while GM’s EV brands captured a combined 14.4% share.
Ultimately, inventory dynamics reflected these trends. New EV days’ supply rose 4.2% to 99 days, while used EV supply fell slightly and is now two days below internal combustion engine (ICE) vehicle levels. Pricing pressures also continued: the average transaction price of new EVs climbed to $59,255, up 0.2% from March, while used EV listing prices dropped 2.8% to $35,874.
