Used EV prices expected to drop significantly

The electric vehicle market may see a substantial price decrease due to a projected surge in used car availability. Over the next few years, a significant number of leased EVs are set to expire, flooding the pre-owned market. Cox Automotive forecasts that lease expirations will jump from 123,000 in 2025 to 300,000 in 2026, and then to 600,000 in 2027 and 660,000 in 2028. This influx of over a million used EVs could make electric cars far more accessible to a wider range of consumers, mirroring the high percentage of used vehicles already dominating the overall automotive market.