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.

Tesla Is Holding Its Value Better Than Rivals

Not all used EVs are created equal. Tesla Inc. (TSLA) vehicles are depreciating less than their legacy automaker counterparts, and they're among the fastest-selling used EVs. In the first quarter of 2026, the Model Y and Model 3 sold over 101,000 units combined—that's more than the 99,099 EVs sold by General Motors (GM), Ford Motor Co. (F), Toyota Motor Corp. (TM), and others put together. Tesla's brand cachet and charging network seem to be giving it a leg up in the resale market.

GM and Ford Could Face Trump's Wrath Over Tariff Refunds

While EV sales are booming, some automakers are navigating tricky political waters. GM and Ford both reported windfalls from tariff refunds—GM got $500 million, and Ford expects over $1.3 billion. But the Trump administration may not be thrilled. The President has been vocal about trade policies, and these refunds could draw scrutiny. It's a reminder that even as the EV market heats up, the regulatory and political landscape remains uncertain.

For now, though, the used EV market is on a roll. If you're in the market for a car and tired of watching gas prices climb, a sub-$25,000 used EV might be worth a look.