A growing wave of used electric vehicles (EVs) is expected to hit the market over the next few years, and it could reshape prices. As thousands of leases expire, more affordable options may finally become available for buyers who have so far stayed on the sidelines.
A Surge in Electric Vehicles Lease Returns Changes the Landscape
The shift is largely driven by expiring leases. In 2025, around 123,000 EV leases came to an end. That number is projected to jump to 300,000 in 2026, then double again to 600,000 in 2027, before reaching about 660,000 in 2028.
Most leased vehicles eventually enter the second-hand market. This means more than one million used EVs could become available in a relatively short period, creating a sharp increase in supply.
Why Prices Could Drop Significantly
The car market in the US already leans heavily toward used vehicles, which represent about 76% of total sales. Price remains the main driver. On average, a new vehicle costs around $46,992, while a used one sits closer to $27,113.
For electric cars, the difference can be even more striking. Some nearly new models are already selling at steep discounts. A recent example shows a 2023 electric SUV listed at $28,000, despite being priced at $58,000 just a few years earlier, reports Theverge. This kind of gap highlights how quickly EV values can shift once they enter the used market.
A Window of Opportunity for Buyers
This growing supply could make EVs more accessible to a wider audience. Until now, higher upfront costs have slowed adoption for many households. A more competitive used market may change that dynamic, bringing electric driving within reach for buyers who previously could not justify the expense.
In practical terms, buyers may find better-equipped models at prices closer to traditional petrol cars. Features like all-wheel drive or premium interiors, once reserved for higher budgets, are starting to appear in more affordable listings.
A Trend That May Not Last
Despite the expected surge, the situation may not remain stable for long. Sales and leases of new EVs have already started to decline, dropping by 36% between late 2024 and late 2025, with further decreases in early 2026.
If fewer new EVs are entering the market today, fewer will return as used vehicles in the future. This could limit supply again later on and slow down the downward pressure on prices.
What It Means for the EV Market
The coming years could mark a turning point. A larger used EV market has the potential to lower prices and broaden adoption, even if only temporarily. For buyers, timing may matter more than ever.
As supply increases, opportunities are likely to appear. Yet the broader trend remains uncertain, shaped by both demand for new vehicles and the pace of the energy transition.
