One of the biggest barriers to widespread electric vehicle (EV) adoption has been their high upfront cost. However, a surge in used EVs entering the market over the next few years could dramatically reduce prices and make EVs more accessible to consumers.
According to a report by Cox Automotive, the number of leased EVs reaching the end of their lease terms is set to rise sharply. In 2025, only 123,000 EV leases are expected to expire. This figure is projected to more than double to 300,000 in 2026, nearly double again to 600,000 in 2027, and reach 660,000 by 2028.
Over a Million Used EVs Could Flood the Market
Most leased vehicles eventually enter the used car market. This means that over the next four years, more than a million used EVs could become available, significantly increasing supply and driving down prices. Currently, used cars dominate the U.S. market, accounting for 76% of all vehicle sales as of 2024, according to ConsumerAffairs.
What This Means for EV Affordability
The influx of used EVs could make electric vehicles a more viable option for budget-conscious buyers. Lower prices may encourage more consumers to transition from traditional gasoline-powered cars to electric models, accelerating the shift toward sustainable transportation.
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