Fuel Prices Soar: Is Now the Time to Buy a Used EV?

Used EV Demand Surges as Fuel Prices Escalate

The escalating cost of gasoline is driving a significant shift in consumer interest towards used electric vehicles (EVs), offering a potential reprieve for budget-conscious drivers facing record pump prices. As of Sunday, March 22, 2026, the average price of 91 octane fuel in New Zealand has risen to $3.30 per litre, a 37% increase in the last month, fueled by geopolitical instability in the Middle East. With the New Zealand government warning of further price increases, the appeal of EVs is growing.

While a complete transition to electric mobility requires a substantial upfront investment, the potential for long-term savings is becoming increasingly attractive. According to the U.S. Department of Energy, drivers who switch to EVs can save approximately $2,200 annually on fuel costs. Even plug-in hybrid vehicles offer significant savings, around $1,500 per year. These savings are particularly pronounced in areas with high gasoline prices and for drivers who cover significant distances.

The used EV market is responding to this increased demand. Sales of used EVs in January reached 31,503 units, a 21.2% increase compared to the same period last year and a 20.8% rise from December 2025, according to Cox Automotive. This surge is partly attributed to the return of vehicles leased during the early 2020s, when government tax credits incentivized EV adoption. Currently, the average price of a used EV in the United States hovers around $28,000-$29,000, slightly below the average price of a used gasoline-powered car, which exceeds $29,099.

However, prospective buyers should carefully consider the total cost of ownership. Trading in a gasoline vehicle, particularly a less fuel-efficient model, may result in a lower resale value, especially in the current climate. Adding a home charging station, often recommended for older EVs with limited range, can add another $2,000-$4,000 to the initial investment. For a driver currently spending around $3,900 annually on fuel (based on 15,000km driven in a vehicle returning 8 litres per 100km), the savings need to offset these upfront costs over the vehicle’s lifespan.

Kiwi smart-charger manufacturer Evnex has calculated that EV owners save nearly $35,000 in fuel costs over the average vehicle ownership period of 14.8 years in New Zealand, suggesting a long-term financial benefit. But the decision to switch shouldn’t be solely based on immediate fuel price concerns.

Five Used EVs Worth Considering

For those ready to make the leap, several used EV models offer a compelling combination of affordability and practicality.

Nissan Leaf

The Nissan Leaf, a pioneer in the EV market, remains a viable option, particularly the second-generation models (2018-2025) which offer improved range and a more conventional design. A 2022 Leaf e+ with the 62kWh battery was recently listed for $29,950 with 38,300km.

MG ZS

The MG ZS EV, popular due to its affordability and the former Clean Car Discount, is another strong contender. The facelifted 2022 model, with its updated styling and larger battery options, is particularly desirable. A 2023 Essence model was available for $25,000 with 38,300km.

Hyundai Kona

Hyundai’s Kona Electric, launched in 2018, provided a significant boost to EV range. The 64kWh battery option offered an official range of 400km. A 2021 facelift model with the 64kWh battery was listed for $29,980 with 67,000km.

BYD Dolphin

The BYD Dolphin, while overshadowed by the Atto 3, presents a good value proposition in the used market. A 2024 model with only 4,000km was available for $29,990.

Kia Niro

The Kia Niro EV, closely related to the Hyundai Kona Electric, offers a more conventional SUV aesthetic. A 2022 EX455 model (with a 455km range) was listed for $29,950 with 77,000km.

BMW i3

For enthusiasts, the BMW i3, with its carbon fibre construction and unique design, remains an appealing choice. A 2021 full-electric model with the 120Ah battery was available for $26,680 with 87,990km.

As fuel prices continue to climb, the demand for used EVs is expected to increase, potentially driving up prices. For those considering a switch, now may be an opportune time to act, but a thorough assessment of costs and needs is crucial before making a decision.