If you've been watching gas prices climb and wondering whether an EV might make sense, you're not alone. Used electric vehicle sales in the U.S. jumped nearly 28% in March, according to data from Cox Automotive cited by CNBC. The surge comes as the national average for a gallon of gas hit $4.446 on Sunday, per AAA, and crude oil prices keep rising—West Texas Intermediate crude is trading at $102.70 a barrel, while Brent is at $109.
So what's driving the used EV boom? For one, a wave of leases is ending, which means more EVs are hitting dealer lots. Joseph Yoon, an analyst at Edmunds, pointed to that influx as a key factor. But the bigger story might be price: over 44% of used EV sales in March were for models priced below $25,000, according to Stephanie Valdez Streaty, director of industry insights at Cox Automotive. That's a sweet spot for budget-conscious buyers looking to escape the pump.
Used EV prices are also becoming more competitive. The average used EV sold for $34,653 in March, down 6.1% year-over-year. That's only about $1,102 more than the average gas car, which went for $33,641. When gas prices are soaring, that premium starts to look pretty small.
Meanwhile, the United States Oil Fund (USO), which tracks WTI crude, closed at $144.55 on Friday. That's a stark reminder of how geopolitics—specifically the U.S.-Israel and Iran conflict—is feeding into energy costs.













