One thing that has held back electric cars is their cost. But the influx of used vehicles over the next three years could drive down prices dramatically. In 2025, only 123,000 leases on EVs expire. According to Cox Automotive, it is expected to more than double to 300,000 in 2026, and double again to 600,000 in 2027 and 660,000 in 2028.
Most leased vehicles eventually enter the used market. This means there could be over a million used EVs available in the next few years, making them more accessible. The majority of cars sold in the US are used – about 76 percent by 2024, according to consumer affairs. A big part of this depends on price. In this same report, consumer affairs The average price of a new vehicle was said to be $46,992, and only $27,113 for a used one.
new York Times This highlights how dramatic the difference can be, especially for EVs:
AutoNation, a large dealership chain, is advertising a 2023 Hyundai Ioniq 5 sport utility vehicle for $28,000. It has only been driven 18,000 miles. Loaded with options, including all-wheel drive and a panoramic roof, it was listed three years ago for $58,000.
While new electric cars tend to be more expensive than their gas-powered counterparts, prices in the used market are about the same. However, the glut may not last long. according to TimesSales and leases of new EVs declined 36 percent year-over-year from the end of 2024 to the end of 2025. And further decline continued in the first quarter of 2026.
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