Teslas for sale at a CarMax dealership. (Photo by Kevin Carter/Getty Images)
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Used electric vehicles are hot. Demand is up. My Bolt EV is a great example.
Only six months ago it was all doom and gloom for EVs after the Trump Administration ended the $7,500 tax credit in September and gas prices eased. But everything changed in February when gas prices spiked in the wake of U.S.-Iran hostilities.
“When gas prices started climbing in March, we saw used EV listing views on our platform increase by 49% between the beginning of March and mid-May,” said Kevin Roberts, Director of Economic and Market Intelligence for CarGurus, an automotive research and shopping website.
Cox Automotive is seeing similar trends. Used EV sales in the U.S. reached 42,080 units in April, up 16.7% year over year, Cox said on its website. “Tesla again led with 16,174 units sold through non-Tesla dealers, followed by Hyundai, Chevrolet, Ford and BMW,” Cox said.
Hottest Used EVs
Some of the models seeing the biggest price increases between January 31 and May 31 include, according to CarGurus:
- Tesla Model X – +$10,239
- Rivian R1S – +$5,823
- Rivian R1T – +$5,246
- Ford Mustang Mach-E – +$5,015
- Tesla Model S – +$4,647
- Bolt EV – +$2,755*
*I added the Bolt EV to the other numbers provided by CarGurus’ Kevin Roberts. The Tesla Model S and Model X were discontinued, giving a boost to used sales.
“With gas prices staying high, that interest is translating to sales. Our May vehicle demand data shows used EV sales are up 29% year over year, with growth accelerating through March and April,” said Roberts. “That, in turn, has translated to rising prices for used EVs. Used EV prices have also risen nearly 10% since February to an average of $37.9K as shoppers have snagged the more affordable models,” he said.
My Bolt EV: From Getting Lowballed To Getting Great Offers
A year ago, when I first tried to sell my 2021 Chevy Bolt EV it was bleak. I was – at least from my perspective – getting lowballed right and left. By dealers. By CarMax. So, I gave up. Besides, I thought, it’s a great car: battery-efficient, lightweight compared to a lot of the land-yacht electrics out there, small (easy to park and maneuver), and well-built and problem-free.
Well, as it turns out, that’s what makes the Bolt a great car in June 2026 too. Bolt EV prices have shot up too. Prices for 2020 Chevy Bolts, for example, have jumped 24% over the last 90 days, according to CarGurus’ price chart. Now I have to swat away generous offers like flies from dealers. My latest offer from CarMax is $1,000 more than it was a month ago.
The Beauty Of An EV
A used EV, even with rising prices, is still a great deal over the long run. Last month, I spent a week at my father’s retirement community trying to educate residents about EVs. The argument is pretty simple: less maintenance (the only maintenance I do on the Bolt is tire rotation), free energy (through regenerative braking), “fill-ups” (recharge) that cost about 25% of a gas car, fast acceleration (aka torque), zero pollution (you can start an EV in the garage in the winter with the door closed and you won’t die of carbon monoxide poisoning), and silent (my favorite aspect of an EV). My speeches, however, fell on deaf ears mostly. Some people just can’t wrap their heads around EVs and still see them as an exotic, untested technology.
Why Am I Selling? Technology Upgrade Cycle
I buy a new car every five or six years. For lots of reasons. I’ve seen EVs take on increasingly aggressive upgrade cycles, not unlike a smartphone. Tesla, Rivian, and Lucid vehicles are often referred to as “software-defined.” Which means upgrades are increasingly based on chips and software needed to run AI-based automated driving. In short, many EVs are fast becoming an AI computer on wheels. I don’t want to get left behind. That said, the Bolt is a great car for a first-time EV buyer or an EV buyer on a budget. I just happen to live at the cutting edge of EV technology and thus the “upgrade.”
One Salient Downside: Insurance
Do due diligence before you buy. Insurance tends to be higher for EVs than gas cars, as an insurance agent pointed out to me this past week. Particularly Tesla but this applies to EVs in general. I’ve received quotes from just about all of the major car insurance companies on new EVs that I’m considering. At some insurers in certain locations (I’m based in Los Angeles), the insurance alone for a new Tesla can rival the cost of a monthly car payment (i.e., $400+). And, as I said, it’s not just Teslas. This is the case for most EVs. That said, the insurance for my Bolt has always been relatively inexpensive, as it’s one of the least-expensive EVs in America.
