The US electric vehicle market is showing polarity, with new EV sales cratering to 28 percent year- over- year in Q1 in 2026 to just over 212,000 units according to new data from Cox automotive, as used EV sales have surged 12 percent to almost 94,000 units.
People that bought new electric vehicles to take advantage of the incentive are now looking to sell- and not having much luck with their investment. The Car Pro Show’s Jerry Reynolds says a 2025 EQE Mercedes with only 4,000 miles, sold at auction- had more than a disappointing return. “It had an original window sticker of over $100 grand, it brought $52,000 at the auction; it dropped in half, and that’s not an uncommon occurrence.” He said.
Reynolds added the cap to qualify for the incentive was set at $80,000- so if it was over $100,000- that person did not qualify.
The gas prices he says will always fluctuate, this really makes people consider going electric. He warns buyers to avoid trading in their vehicle in response to high gas prices. Reynolds urges people to make educated decisions instead of going into a “panic” ending up with a bad choice.
He says by the end of 2026, more than 300,000 used EVs are expected to flood market. “It’s going to drop the prices even further than they are today- you can count it.” Reynolds said.