Used Electric Vehicles to Flood Market, Driving Down Prices

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, but that number 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, which means more than a million used EVs could become available over the next few years, making them far more accessible to a wider range of consumers.

The vast majority of cars sold in the US are used - some 76 percent as of 2024, according to Consumer Affairs. This trend is likely to continue, with the used EV market expected to play a significant role in the growth of the electric vehicle industry.

As the used EV market expands, it is likely to have a significant impact on the overall automotive industry, with potential effects on new car sales, pricing, and consumer behavior.

The increased availability of used EVs is also likely to have implications for the environment, as more consumers opt for electric vehicles over traditional gas-powered cars.

The growth of the used EV market is expected to be driven by a combination of factors, including government incentives, declining battery costs, and growing consumer demand for eco-friendly vehicles.