February proved what many thought to be true: New electric vehicles (EV) are not selling like they used to. With last year’s expiration of federal incentives and EV cancellations of late, it’s no surprise sales were down compared to last year. Used EV sales, however, are growing.
New EV Sales
Cox Automotive, the parent company of Kelley Blue Book, released its February 2026 EV Market Monitor insights. Its findings report that new EV sales were up 5.8% since January 2026, but down 26.8% compared with the same period in 2025. Overall, EVs accounted for 5.8% of total new vehicle sales.
Tesla sold the most with 38,500 units, followed by Hyundai, Chevrolet, Toyota, and Cadillac.
Chevrolet is the big story here. Its volume surged to 70.7% month over month. Hyundai and Toyota also saw increases in February compared to January.
Used EV Sales
Used EVs sold 30,879 units in February. That’s up 28.8% from the previous year and 4.2% from January.
Tesla also led used EV sales with more than 12,133 units sold at non-Tesla dealerships. Chevrolet, Ford, BMW, and Hyundai followed in the used EV sales rankings.
Average Transaction Price
The average transaction price (ATP) for new EVs was $55,300. That’s down 1.4% from 2025 and 0.6% from January 2026. The gap between new EV premiums and gas-powered vehicles narrowed significantly to $6,532, the lowest on record.
Used EV Listing Price
The average listing price for a used EV was $34,821, down 8.5% from 2025 and 1.9% from January 2026. Mercedes-Benz, Hyundai, and Audi experienced the steepest month-over-month declines.
The price gap between EVs and non-EVs — which includes gas, hybrid, and plug-in hybrid vehicles — narrowed to just $1,334. Now, 18 of 26 brands have average used EV prices below those of their gas-powered equivalents. Porsche, Lexus, and Toyota show the widest gaps.
What to Expect
As new EV launches enter the market in 2026, things could shake up. Consumers will have more choices, making growth possible for brands not currently in the top-selling categories. Rising gas prices could also influence shoppers’ consideration of EVs.
