Influx of Used EVs Poised to Drive Prices Down
▼ Summary
– The number of expiring EV leases is expected to surge from 123,000 in 2025 to 660,000 in 2028, flooding the used market.
– Over a million used EVs could become available in the next few years, dramatically lowering prices and increasing accessibility.
– Most cars sold in the US are used (76% in 2024), with an average used price of $27,113 versus $46,992 for new vehicles.
– A 2023 Hyundai Ioniq 5 originally listed at $58,000 is now advertised for $28,000, showing used EVs can match gas car prices.
– New EV sales and leases fell 36% year-over-year from late 2024 to late 2025, and continued declining into early 2026, suggesting the used EV glut may be temporary.
A major barrier to electric vehicle adoption has always been the price tag. However, an impending wave of off-lease EVs is set to reshape the market. In 2025, only 123,000 electric vehicle leases expired. According to Cox Automotive, that number is projected to more than double to 300,000 in 2026, then surge to 600,000 in 2027 and 660,000 in 2028.
Since the vast majority of leased cars eventually enter the used car market, this means over a million pre-owned EVs could become available in the next few years. That shift would dramatically improve accessibility. Data from Consumer Affairs shows that roughly 76 percent of all cars sold in the U. S. in 2024 were used, largely driven by cost. The average new vehicle price stood at $46,992, while used cars averaged just $27,113.
The disparity is especially striking for EVs. The New York Times recently highlighted a case at AutoNation, where a 2023 Hyundai Ioniq 5 SUV with only 18,000 miles was listed at $28,000. That same vehicle, equipped with all-wheel drive and a panoramic roof, carried a $58,000 sticker price just three years ago.
While new electric cars still tend to cost more than their gasoline counterparts, prices are now roughly equal on the used side. This affordability window may not remain open forever. The Times also reported that sales and leases of new EVs dropped 36 percent year-over-year from late 2024 to late 2025, and the decline continued into the first quarter of 2026.
(Source: The Verge)
