An influx of used EVs could drive down prices

Part of what has held back electric cars has been the cost. But an influx of used vehicles over the next three years could bring prices down dramatically. In 2025, just 123,000 leases on EVs expired. That is expected to more than double to 300,000 in 2026, and double again to 600,000 in 2027 and 660,000 in 2028, according to Cox Automotive.

Most leased vehicles end up entering the used market. This means more than a million used EVs could become available over the next few years, making them far more accessible. The vast majority of cars sold in the US are used — some 76 percent as of 2024, according to Consumer Affairs. A large part of that is down to price. In the same report, Consumer Affairs said the average price of a new vehicle was $46,992, and just $27,113 for used.

The New York Times highlighted how dramatically the difference could be for EVs in particular:

AutoNation, a large dealership chain, is advertising a 2023 Hyundai Ioniq 5 sport utility vehicle for $28,000. It has been driven only 18,000 miles. Loaded with options including all-wheel drive and a panoramic roof, it was listed at $58,000 three years ago.

While new electric cars tend to be more expensive than their gas-powered counterparts, prices are about the same on the used market. The glut may not last, however. According to the Times, sales and leases of new EVs fell 36 percent year-over-year from the end of 2024 to the end of 2025. And continued to decline further in the first quarter of 2026.