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“Used Car Prices Slip in April But Stay Elevated as Gas Prices Fuel EV Shift” 🚨🚨🚨

Used car prices declined in April for the first time in 2026, according to new data from Cox Automotive, though levels remain elevated compared to historical norms as consumers respond to rising fuel costs.

The company’s Manheim Used Vehicle Value Index, which tracks wholesale used-car prices, fell 1.6% from March. Despite the monthly dip, prices are still near highs last seen in 2023, underscoring persistent pressure in the auto market.

Economists say affordability continues to dominate buyer behavior. Jeremy Robb of Cox Automotive noted that rising gas prices are shifting consumer demand toward older, more fuel-efficient vehicles as well as accelerating interest in electric vehicles.

“Affordability remains front and center,” Robb said, adding that changing fuel costs are influencing both traditional used-car demand and EV shopping behavior.

The trend is already showing up across the industry. Used-car retailer CarMax has reported that higher gas prices are pushing more shoppers to consider electric alternatives.

Cox data also shows a widening gap in performance between segments: its EV index is up 7.2% year over year, compared to just a 1.1% increase for non-EV vehicles, highlighting accelerating demand for electrification amid volatile fuel prices.

While April’s decline signals some cooling in the used-car market, overall price levels remain historically elevated, suggesting continued strain on affordability as energy costs reshape consumer choices.