Sales of used electric vehicles (EVs) in the United States have seen a significant increase, rising by 12% in the first quarter of 2025 compared to the same period last year, according to estimates from Cox Automotive. This surge is attributed to a large influx of pre-owned EVs returning to the market as leases from the early 2020s expire. In contrast, sales of new EVs have dropped by 28% year-on-year, following the Trump administration's withdrawal of a $7,500 consumer tax credit in 2025. Analysts predict that EVs will account for 15% of all off-lease vehicles by the end of this year, up from 7.7% in the first quarter. The increased supply of used EVs has contributed to an 8.5% decline in their average price between February 2025 and February 2026, reducing the price gap with petrol-powered vehicles from $4,923 to $1,334. This shift in pricing is seen as a significant reset in the EV market, making them more accessible to buyers amid rising petrol prices.