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Forbes - Cars & Bikes

Bentley’s FULL SEND Supersports Turns Crewe Into Drift Playground 2026 Alfa Romeo Tonale PHEV Review: Stylish but Flawed 2026 Chevrolet Corvette: Better Than Ever, With A Multitude Of Options These Are America’s 3 Best-Selling EVs Right Now, According To Car And Driver In California, Tesla Does What No Other American Car Maker Can Do 1,065hp Lamborghini Fenomeno Roadster Is Brand’s Most Potent Open Top Europe’s EVs Need To Be Small And Cheap For Mass Market Success Drive Toward A Cure Fuels Parkinson’s Research And Patient Care Harley-Davidson Launches “Back To The Bricks” Plan To Boost Sales, Cut Costs SEMA Steps In To Protect An American Grassroots Treasure: Local Racing Here Are 72 New Vehicles With Financing As Low As 0.0% Interest Test-Driving The 2026 GMC Sierra Elevation Electric Test-Driving The Aston Martin DB12 S Test-Driving The 2026 Aston Martin DB12 S: Aston Martin’s New Super Grand Tourer Air|Water Hosts Debut Of 2027 Porsche GT3 S/C A Look Inside Ford’s New Electric Vehicle Development Center Teslas Remain Hot In An Otherwise Tepid Used-Car Market California Cops Can Ticket Robotaxis Starting July 1 Tesla Model Y Continues To Defy Elon Animus In California Citroen E-C3 Urban Range Makes Electric Driving Even More Affordable Jeep, Dodge And Chrysler Pump Up Dealers With New High-Energy Program Why Honda’s Base Station Prototype Is The Right Camper For Right Now PHEVs Are Having A Moment Even With Low Battery Range And High Prices The Pinnacle Car Show, Pebble Beach Concours, Shifts Leaders, Strategy Test-Driving The 2026 Porsche Panamera GTS The 2026 Ford Mustang Eco Delivers Good Mileage Along With Style Test-Driving The 2026 BMW M2 CS: Ready For Road Trip Duty 2026 Polestar 3 RWD And AWD Review Dreame Chinese Concept EV Does Too Much With Jet Propulsion And AI Driving Singer Drivers Club Reimagines Willow Springs Into A Premium Motorsports Destination As Gas Prices Continue To Soar, Should You Rent An EV For A Road Trip? 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Used Tesla, Rivian, And Bolt EV Demand Surges
Brooke Crothers · 2026-06-06 · via Forbes - Cars & Bikes
Teslas For Sale At CarMax

Teslas for sale at a CarMax dealership. (Photo by Kevin Carter/Getty Images)

Getty Images

Used electric vehicles are hot. Demand is up.

Only six months ago it was 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
  • Chevy 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, with prices rising nearly 10% since February to an average of $37.9K, according to Roberts.

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), 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. 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. The argument is pretty simple: less maintenance (typically just 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.

EVs Have Accelerated Technology Upgrade Cycles

I would argue that electric vehicles turnover faster. 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.

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.