On the Dash:
- New EV inventory ended August two days above gas-powered vehicles, the closest spread this year.
- Used EV sales jumped 25.9% from July as off-lease returns expanded supply.
- The new EV price premium over gas-powered vehicles shrank to $4,847 as cheaper models gained share.
According to the latest Cox Automotive EV Market Monitor report, both new and used EV sales increased in August, showing a maturing market. The report notes that new EV sales grew across more brands, even as Tesla’s market share declined. Additionally, more off-lease returns gave used EV buyers more options, while EV supply and prices are getting closer to those of gas-powered vehicles.
New EV inventory ended August just two days above gas-powered vehicle levels, which is the closest the two have been all year. Used EV supply went a step further, matching gas-powered vehicles for the first time in 2026.
New EV sales edge up as Tesla slips
U.S. new EV sales reached about 78,895 units in August, up 2.5% from July. Sales fell 46.9% from a year ago, when buyers rushed to use expiring tax credits. EVs made up 5.7% of all new-vehicle sales.
While Tesla still sold more than half of all new EVs, its sales dipped 3.8% from July. Its market share fell to 51.7%. Gains at other brands more than made up the difference. Toyota also led growth, with EV sales up 34.9% to 4,964 units. Chevrolet, Cadillac and Kia also posted double-digit gains. New EV days’ supply dropped to 78 days, down 9.6% from July.
Off-lease returns drive used EV sales
Used EV sales increased by 25.9% from July to 44,350 units, and were up 14.7% compared to last year. Cox notes that the availability of more off-lease EVs is providing shoppers with greater options. Cox Automotive Chief Economist Jeremy Robb projected EVs would make up about 12% of 2026 off-lease volume, up from about 5% in 2025.
It’s important to note that used EV days’ supply fell to 42 days, even with gas-powered vehicles. Tesla models made up nearly 30% of used EV sales, while Nissan, Cadillac and Kia posted the biggest used sales gains by brand.
EV prices keep falling
In August, the average new EV price was $54,754, a 1.3% decline from July. The price difference between EVs and gas-powered cars narrowed to $4,847. The decrease was largely influenced by lower-cost models like the Toyota bZ and Chevrolet Bolt. Incentives also averaged about $6,594 per new EV, down 19.9% from a year ago. Used EV listing prices averaged $37,441, down 1% from July but up 8.2% from last year.
As last year’s tax credit surge fades, Cox says the next test is whether these gains can last. Pricing, incentives and demand for more used EVs are the trends to watch, according to the report.
