• Used EV sales are bouncing back strongly after the end of EV tax credits in September. 
• Americans bought nearly 43,000 used EVs in March, according to new industry data, marking a new monthly record. 
• Last month, used EV sales rose by 28% year over year, as new EV sales slumped by almost the same amount. 

As new electric vehicles struggle to gain traction again, the market for used electric cars is swiftly shaking off the loss of EV tax credits, new sales data published last week shows.

In March, according to Cox Automotive, Americans bought 42,924 secondhand electric cars. That is by far the best month for used EVs since Congress eliminated all EV tax credits at the end of the third quarter of 2025; from October through February, monthly used EV sales numbered roughly 30,000, plus or minus a couple-thousand units, according to Cox. But that’s not all. Last month’s used EV sales represented a new record, surpassing August’s 40,960 units. That previous record came at the height of the tax-credit-fueled EV-buying frenzy, so topping it this quickly is impressive.

It all suggests that the post-tax-credit hangover may be in the rearview for the used EV market—and underscores how drastically the markets for new and used EVs are diverging. The short-lived federal tax credit for used EVs provided up to $4,000 toward the purchase of a vehicle that cost $25,000 or less, so long as buyers also fell below income caps. Americans rushed to claim the credit throughout last summer. But even without it, used EVs are proving to be a fast-growing bright spot in an otherwise gloomy EV industry. In March, used EV sales were up 27.7%, per Cox. 

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Compare that with what’s happening with new EVs. After the $7,500 incentive met its early end in September, sales of new EVs fell by over 50%. They’ve struggled to recover. In March, roughly 83,000 new EVs were sold, a 20% month-over-month gain, but a nearly 25% year-over-year decline, per Cox.

Supply is a big part of the used-EV success story. There has never been a better time to shop for a lightly used, modern, long-range EV. All those cheap EV leases people jumped into over the last few years are starting to return to dealerships. Meanwhile, automakers are shifting focus to combustion vehicles and pulling electric models from the market, dinging sales of new vehicles.

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Off-lease EVs present a huge buying opportunity for EV shoppers on a budget. 

Photo by: Patrick George

High gas prices may have something to do with the strong results too. “The influence of high gas prices can’t be ignored in the numbers,” Stephanie Valdez Streaty, director of industry insights at Cox, wrote in a statement on Wednesday. 

The used EV market may continue on being the industry’s growth engine for some time. Over 1 million EVs are set to come off lease in the next two years, according to Recurrent, flooding dealerships with nice, two-to-three-year-old electric cars. And high prices at the pump look like they’re sticking around too. 

Contact the author: Tim.Levin@InsideEVs.com

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Electric vehicle sales in March reached an all-time high in Australia, reaching a record number of 15,839 and a record share of 14.5 per cent – nearly double the share in the same month last year – as consumers searched out EVs amid the global fuel crisis.

The EV sales were led by China’s BYD, which once again overtook Tesla in total brand sales, but could have been higher were it not for many companies running out of stock. Tesla last week promised more ships, and more deliveries, after the wait time for its Model Y electric SUV blew out to several months.

BYD, which has a number of different models, sold a total of 4,206 EVs in March, beating Tesla with 3,485, although the Model Y regained its position as the top selling EV with 2,818 – which would put it at number 3 in the overall list behind the popular Ford and Toyota diesel utes.

Other EV makers also boosted sales, helped by multiple incentives that were already in place in March before Donald Trump’s war in the Middle East led to the closure of the Strait of Hormuz, soaring prices and concerns about fuel supply as many servos ran out of fuel.

In March last year, EVs accounted for only 7.5% of total new car sales.

EV Sales Breakdown – March 2026

FCAI vFacts	12,194
EVC (Polestar + Tesla)	3,645
EV Sales Total (FCAI + EVC)	15,839
Total Vehicle Sales (FCAI + EVC)	108,703

For the first three months of the year, EV sales have doubled in Australia. Last year they totalled 17,901, and 2026 already shows 34,382 new electric cars made it onto the road.

In March, PHEV sales increased from the previous month, with 8,215 PHEVs sold, up from over 5,000 in February.

Looking into the EV models that made up the top 5 Tesla sales, the Tesla Model Y stayed at the top spot with 2,818 sales. The Sealion 7 SUV came in the second spot with 1,970 sales. 

The third spot went to Zeekr’s 7X, raking in 679 sales during the month. Tesla Model 3 and Geely EX5 made up the rest of the top 5.

Other notable mentions include the BYD Atto 1, Australia’s cheapest EV, which saw 488 sales in its best month to date. Omoda Jaecoo J5 EV also showed solid growth in the SUV segment, surpassing 500 sales in the month.

The best-selling EVs in March 2026 were:

• Tesla Model Y – 2,818 sales
• BYD Sealion 7 – 1,970 sales
• Zeekr 7X – 679 sales
• Tesla Model 3 – 667 sales
• Geely EX5 – 606 sales
• Kia EV5 – 587 sales
• BYD Atto 2 – 572 sales
• Omoda Jaecoo J5 – 569 sales
• BYD Atto 1 – 488 sales
• MG S5 – 475 sales
• BYD Atto 3 – 466 sales
• Kia EV3 – 461 sales

The Driven is waiting to hear back from various manufacturers regarding sales of some EV models, and this will be updated once they are received.  You can see our detailed data here: Australian electric vehicle sales by month in 2026 – by model and by brand

FCAI CEO Tony Weber said it is too early to determine whether this represents a structural shift in the market. “More consumers are considering EVs due to the disruption to fuel supply caused by conflict in the Middle East, along with the review into the fringe benefits tax concession for EVs,” he said in a statement.

“The automotive industry would welcome a sustained shift to EVs, given its substantial investment in bringing more than 100 EV models to the Australian market and the industry’s efforts to meet ambitious NVES targets.

 “A long-term shift to EVs will require Australian governments to sharpen their focus on public charging infrastructure, particularly in regional areas and locations where home charging is not practical.”

Will the recent growth in interest and EV lead times being pushed out for brands like Tesla and others impact upcoming monthly sales? Time will tell.  

See full details of EV sales for each month of the year in our database here.

Last week, we had reported that Ferrari was planning to roll out the Amalfi Spider in the first half of next month. Well, we can now confirm that the new convertible will be revealed on March 12, 2026.

The Ferrari Amalfi made its global debut in July last year, as the successor to the Roma. We will see the same evolutionary design on the Spider, except for the fixed roof, which will be replaced with a retractable fabric roof.

The Amalfi Spider will feature the shark-nose-style front end with a long hood, muscular fenders and sleek taillights. While the rear decklid will be modified to accommodate the roof mechanism, the rear fascia is likely to remain unchanged. It will also get the same upgraded interior as the coupe.

The Amalfi Spider will be powered by the same 3.9-liter twin-turbo V8 engine, which makes 631 hp and 561 lb-ft of torque. It comes paired with an 8-speed dual-clutch automatic. It will be equipped with Ferrari’s new brake-by-wire system, an active rear spoiler and Side Slip Control 6.1.

We are likely to witness the unveiling of two new exciting convertibles next month. The Ferrari Amalfi Spider is expected to debut in the first half. The second car will be from Porsche: a 911 GT3 Cabriolet. We’ve been told that the order books will open soon.

The convertible version of the GT3 has been in the works for some time now. It was first spotted in July 2025. The latest rumours suggest that it might be called the 911 GT3 Sport Cabriolet.

Like the Amalfi Spider, the convertible GT3 will also feature a folding soft top and a special aero package comprising vents behind the front wheel arches like that of the GT3 RS and a sporty rear bumper with dual exhausts in the centre. Instead of a fixed rear wing, the convertible version might get a retractable spoiler just like the standard 911 Carrera.

The 911 GT3 Sport Cabrio could use the same 4.0-liter, flat-6 engine. Currently, this engine produces 502 hp, which is sent to the rear wheels via either a 6-speed manual or a 7-speed PDK.