Used electric vehicle supply in the U.S. Is projected to exceed one million units by 2028 as lease expirations surge, according to Cox Automotive data cited by The Verge.
Lease expirations for EVs will more than double this year and keep rising
In 2025, 123,000 EV leases ended. That number is expected to rise to 300,000 in 2026, then jump to 600,000 in both 2027 and 2028. Most leased vehicles enter the used market, creating a growing pool of affordable EVs.
Used EVs could narrow the price gap with gasoline cars
As of 2024, 76 percent of vehicles sold in the U.S. Were used, according to Consumer Affairs. The average new car cost $46,992, while the average used car sold for $27,113. A 2023 Hyundai Ioniq 5 with 18,000 miles is being advertised for $28,000 by AutoNation, down from $58,000 when new.
New EV demand is weakening even as used supply grows
Sales and leases of new EVs fell 36 percent year-over-year from the complete of 2024 to the end of 2025, per The New York Times and continued declining in the first quarter of 2026. This contrast between falling new demand and rising used supply could accelerate price reductions.
Why are used EV prices expected to drop?
A surge in lease returns is increasing the supply of used EVs, which could drive down prices as more affordable options enter a market where most car buyers already choose used vehicles.
How much cheaper are used EVs compared to new ones?
Based on the example of a 2023 Hyundai Ioniq 5, a used EV can cost less than half its original price — $28,000 versus $58,000 when new — reflecting broader trends where used vehicles average $27,113 compared to $46,992 for new.
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