In the next three years, over a million pre-owned electric vehicles might enter the market.
In the next three years, over a million pre-owned electric vehicles might enter the market.
A significant factor limiting electric vehicles has been their price. However, an influx of pre-owned models in the next three years is likely to result in a significant price reduction. In 2025, only 123,000 EV leases ended. This number is projected to exceed 300,000 in 2026, and to double once more to 600,000 in 2027, reaching 660,000 in 2028, as per Cox Automotive.
Most leased cars typically transition into the used vehicle market. This suggests that over a million pre-owned EVs could become available within the next few years, enhancing their accessibility. The large share of cars sold in the US are used — around 76 percent as of 2024, according to Consumer Affairs. A significant reason for this trend is the pricing. According to the same report, Consumer Affairs stated the average cost of a new vehicle was $46,992, while just $27,113 for pre-owned ones.
The New York Times illustrated how substantial the price drop could be for EVs specifically:
A large dealership chain, AutoNation, is promoting a 2023 Hyundai Ioniq 5 SUV for $28,000. It has only 18,000 miles on it. With various options such as all-wheel drive and a panoramic roof, it was priced at $58,000 three years ago.
Though new electric vehicles are often pricier compared to their gasoline alternatives, on the used market, the prices tend to be comparable. However, this surplus may be temporary. According to Times, the sales and leases of new EVs dropped 36 percent year-over-year from the end of 2024 to the end of 2025 and have continued their descent in the first quarter of 2026.
