New EV sales drop 28% in Q1 2026, but used EVs surge 12% to near-record levels
The US electric vehicle market has split into two diverging realities. New EV sales cratered 28% year-over-year in Q1 2026 to just 212,600 units, according to new data from Cox Automotive — but used EV sales surged 12% to 93,500 units, with prices now within $1,300 of equivalent gas cars.
The data, presented in Cox Automotive’s Q1 2026 Industry Insights call on March 25, reveals the clearest picture yet of how the federal tax credit’s expiration is reshaping the EV market — and creating what may be the best buying opportunity in the history of electric vehicles.
