Used EV sales spike amid high gas prices

Used EV sales spike amid high gas prices

By Michelle Alfini, wsoctv.com

May 06, 2026 at 6:28 pm EDT

CHARLOTTE — With gas prices continuing to climb across the country, interest in electric vehicles is on the rise, especially in the used market, where the price difference between EVs and gas-powered cars is narrowing.

That's where Braxton Winston, a former Charlotte city council member and now president of the local AFL-CIO chapter, found his 2023 Chevy Volt in December.

At the time, he was looking to reduce his environmental impact and maybe spend less on fuel. Just a few months later, he said he's glad he made the switch when he did.

"It's been honestly quite shocking to see how quickly gas prices have jumped, and it is certainly a relief that I don't have to do that anymore," he said. "My line of work, I do a lot of driving. I've already put 10,000 miles on it."

The last time gas prices spiked, back in 2022 after the Russian invasion of Ukraine, AAA found $4 a gallon was the tipping point at which drivers started making big changes to their lifestyle or driving habits.

Now with gas well over $4 a gallon across the country, Stan Cross, the electric transportation director with the Southern Alliance for Clean Energy, said EVs are looking more attractive.

"The savings are there whether gas is at 2.50 a gallon or $4 a gallon," he said. "When it goes up as high as it is now, those savings just become greater and more impactful on the decision-making of consumers."

Year to year, EV sales slowed after consumer tax credits expired last year, but on the used market, Cox Automotive reports EVs hit a sales record in the first quarter of 2026, and interest is rising month to month.

Cross explains it's not just that gas prices are high, but the EV market has also hit the point where there have been enough vehicles in circulation for a few years, that they're hitting the pre-owned market at enough of a scale to make a dent.

"Hundreds of thousands of affordable EVs are flooding the used car market, where 70% of consumers shop for cars and can now access EVs at prices comparable to gas cars," he said.

Making the switch to an EV only helps if you can afford to upgrade your car in the first place, though.

Many of those hardest hit by high prices have tight budgets and may not be able to get the financing or afford a good down payment on a new or used vehicle, and for many renters, home charging, typically the cheapest and easiest way to power an electric vehicle, isn't an option.

As a renter himself, Winston said he hasn't been able to take advantage of cost-saving programs like Duke Energy's Time of Use rates, but he said he's still able to slow charge at home and top off at public chargers on the road when he has to.

Overall, he said he's noticed a big difference in his monthly budget, and he believes those who have the flexibility to make the change might be surprised by how quickly things can pay off.

"There's no contest to me in terms of a cost analysis," he said.