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The most recent electric vehicles sales data provided a grim picture \u2014 at least for new EVs. Sales of new electric vehicles took a beating in the first quarter, falling some 28% year-over-year after the Trump administration axed the $7,500 consumer tax credit, according to Cox Automotive<\/a>. <\/p>\n Used EVs are moving in the opposite direction. And a couple of accelerants have combined to supercharge those sales.<\/p>\n First-quarter used EV sales increase 12% compared with the same quarter last year, according to that same Cox Automotive report. There\u2019s a bit of momentum over a shorter term too; used EV sales popped 17% between the fourth and first quarters. <\/p>\n The rising cost of gas \u2014 the average price is above $4 a gallon \u2014 has helped spur interest and sales of electric vehicles. But there\u2019s another factor at play here as consumers seek out affordable options: an abundance of expiring leases, the Financial Times reported<\/a>. EV leases were a popular choice in the early 2020s and now that they\u2019ve expired, hundreds of thousands of pre-owned EVs are entering the marketplace. And consumers are ready for them. <\/p>\n By the end of the year, EVs will account for 15% of all off-lease vehicles, double from 7.7% in the first quarter, the FT reported. <\/p>\n The ol\u2019 economic principle of supply-and-demand remained steadfast; the surge of pre-owned vehicles helped push prices lower, giving those sales a further boost. That\u2019s led to price parity \u2014 or close to it \u2014 with internal combustion vehicles. According to Cox Automotive, the average price of a used EV is $34,821 compared to $33,487 for the gas engine equivalent.<\/p>\n Techcrunch event<\/p>\n