SALEM, Ohio – As far as Russ Hardenburgh is concerned, the public hasn’t applied the brakes when it comes to its interest in electric vehicles.
Indeed, the general manager of Yalcars, Salem, says the appetite for EVs is still very strong among buyers across the Mahoning Valley and northeastern Ohio. The difference is that the customers patronizing his dealership have a specific vehicle in mind – a used, reliable EV that is priced well below the stickers of new factory models.
“It’s absolutely a growing market,” Hardenburgh says. “They’re getting better with charging, they’re getting better with batteries. It’s going to continue to grow.”
Sales of new EVs have cratered since October, after the federal government discontinued generous tax credits of up to $7,500 that consumers could apply to the purchase of many of the new EVs rolling off assembly lines. General Motors in 2022, for example, launched an ambitious goal of attaining a portfolio of only new zero-emission vehicles by 2035. Manufacturers have since backed off these goals and have claimed substantial losses, with GM recording an astounding $7.1 billion in EV-related charges in late 2025 and early 2026. Ford posted losses of $4.8 billion in 2025, and anticipates losing between $4 billion and $4.5 billion in 2026 because of EV-related business.
The fallout has rippled throughout the EV supply chain as well. Late last year, Ultium Cells LLC – a joint venture between GM and LG Energy Solution that manufactures EV battery cells for mostly GM models – announced it would permanently lay off 448 workers and place another 850 on temporary layoff at its production plant in Lordstown because of slowing EV adoption. At press time, those employees on temporary layoff were expected to return in August.
Yet the crash has opened enormous opportunities in the used EV market, Hardenburgh says. Many of those newer units that were manufactured three or four years ago have now come off lease, while owners have opted to trade in older models, such as Tesla, and upgrade. “It’s a mixture,” he says of his inventory. “Some are trade-ins and some are coming off lease. We’re getting them all the time.”
Hardenburgh says that used EVs offer a price point that consumers could digest, even if they are new to electric vehicles. “People usually know what model they want, and it’s just a matter of price, condition, miles and equipment,” he says. Recently, the general manager notes he sold a used Porsche EV, a Mercedes EV, and two electric-powered vans.
Meanwhile, Teslas have also proven their staying power, he says, enabling buyers to scoop up a used model for under $20,000. A 2016 Tesla Model X – one of the larger SUVs – with 167,000 miles is priced at $17,443, while a 2018 Tesla 3 with 159,000 miles is going for $16,589. “We’ve done pretty good with Teslas,” he says. “We’ve sold some relatively new ones.”
Many of those opting for electric vehicles are often first-time EV buyers, Hardenburgh says. “A lot of them aren’t past EV customers,” he says. Instead, these are buyers looking for an affordable alternative to new EV and combustion engine models, especially since fuel prices skyrocketed this year because of the war with Iran.
Most customers have already researched online the type and model EV they’re looking for, Hardenburgh says. “They’ve already figured out what model they want. Then, it’s just a matter of price and condition after that.”
Buyers are also generally concerned about battery range, average life of the battery, and charging availability, he says. “Charging site infrastructure looks like it’s gradually improving,” he says. Yalcars, he notes, has installed two charging stations at the dealership, one for indoor service and the second outside that is available to the public.
Hardenburgh says he thinks EV sales will increasingly rise on its own terms, especially as more used models hit showrooms and online auto trading sites. “It’s going to continue to grow on its own,” he says. “It didn’t need to be propped up by the government.”
Market Shifts
Still, the market has shifted in the nine months since federal tax credits expired. Sales of new EVs were down significantly in May compared to the same period a year earlier, though transactions of new EVs improved month-over-month as fuel prices shot upward because of the conflict with Iran.
According to Cox Automotive’s EV Market Monitor for May 2026 – the most recent data available – overall demand for new electric vehicles declined 21.9% compared to the same period in 2025. Nevertheless, the decline was the smallest since the tax credits expired, the report shows.
Moreover, new EV sales increased 10.3% in May compared to the previous month, accounting for an estimated 84,746 units and 5.7% of total new-vehicle sales, according to the report. While Tesla led the number of brands in volume sales with 40,578 units sold, its market share dipped to 47.9%, as nameplates such as Subaru, Cadillac, Toyota and Hyundai gained momentum.
The used EV market, on the other hand, tells a completely different story. According to the Cox report, used EV sales reached 42,923 units in May, an improvement of 5.5% from April and a 24.7% increase from May 2025. Prices of used EVs also witnessed a jump in May, as the average used listing stood at $37,083, up 3.1% year-over-year, and up 3.8% month-over-month.
“The consistent year-over-year growth underscores the continued expansion of the used EV business as off-lease returns and trade-ins build inventory depth across more brands and price points,” the report concluded.
Hot Tech, Low Price
Much of the appeal for used EVs stems from the desire to own a vehicle – some as little as three years old – that is packed with solid technology at a price well below what they sold as new factory retail models, says Joseph Yoon, consumer insights analyst at Edmunds.com.
“Where it gets beneficial for consumers is that you’re going to get incredible deals on cars that still feel cutting-edge,” Yoon says. Technology is advancing at such a rapid clip that many of these models introduced three years ago are considered old, helping to drive down price points. New luxury vehicles such as the Porsche Titan EV, he continues, were selling above the six-figure mark three years ago. That same, three-year-old used EV might now sell for half that price. “You can get them for $40,000 or $50,000 now,” he says. “I think you’ll be finding $100,000 EV BMWs that are two or three years old for $38,000. You’re seeing these practically brand new cars at unreal prices.”
Yoon says that while some of the technology in these used vehicles is considered dated when viewed through the lens of EV watchers, the functionality, battery range, and reliability of a used EV is still very impressive. “For a lot of people, three years is almost an entire generation – an entire tech cycle – ago,” he says. “Yet they still have great range, they still have great batteries.”
Tesla has especially proven that its batteries have great capacity after more than a decade in service, Yoon says. “One of the biggest fear points for a lot of people was battery health – that if you cycle them too much that you’re only going to have half the charge left,” he says. “That has ended up being completely untrue.”
Consumers considering a used EV should also feel secure over any future maintenance issues, Yoon says, since the overall cost of ownership is generally less than an internal combustion engine vehicle. “There are so few moving parts compared to a gasoline vehicle, that I think any maintenance issues that you may face would be considered negligible,” he says.
Ultimately, the EV market – both used and new – will continue to grow, as manufacturers reevaluate production methods, design and technologies, and take time to ascertain what strategies worked best and which ones did not in the past, Yoon says. Moreover, automakers must still compete in a global market that is increasingly angling toward EV adoption, he says.
“The industry globally is moving that way, whether American automakers like it or not,” Yoon says. “It was unfortunate that the federal tax credit went away, but it wasn’t going to be there forever anyway. I think it’s a minor speed bump in the general direction toward electrification, and I think, if anything, it helps automakers really think about what worked and what didn’t.”
Pictured at top: Russ Hardenburgh, general manager at Yalcars, Salem, stands next to a 2018 Model 3 Tesla. The car dealership has experienced a steady inventory and growing interest in used electric vehicles.
