A part of what has held again electrical vehicles has been the fee. However an inflow of used autos over the following three years may convey costs down dramatically. In 2025, simply 123,000 leases on EVs expired. That’s anticipated to greater than double to 300,000 in 2026, and double once more to 600,000 in 2027 and 660,000 in 2028, in response to Cox Automotive.
Most leased autos find yourself getting into the used market. This implies greater than 1,000,000 used EVs may turn into accessible over the following few years, making them way more accessible. The overwhelming majority of vehicles offered within the US are used — some 76 % as of 2024, in response to Client Affairs. A big a part of that’s down to cost. In the identical report, Client Affairs stated the common value of a brand new car was $46,992, and simply $27,113 for used.
The New York Occasions highlighted how dramatically the distinction could possibly be for EVs specifically:
AutoNation, a big dealership chain, is promoting a 2023 Hyundai Ioniq 5 sport utility car for $28,000. It has been pushed solely 18,000 miles. Loaded with choices together with all-wheel drive and a panoramic roof, it was listed at $58,000 three years in the past.
Whereas new electrical vehicles are usually costlier than their gas-powered counterparts, costs are about the identical on the used market. The glut might not final, nevertheless. In line with the Occasions, gross sales and leases of recent EVs fell 36 % year-over-year from the tip of 2024 to the tip of 2025. And continued to say no additional within the first quarter of 2026.
