Used EV Prices Are About to Drop, and Buyers Could Be the Big Winners
Used EV prices have long been a sticking point for shoppers eyeing the switch to electric. High sticker prices have kept many drivers loyal to gas-powered cars, even as battery technology and charging networks have improved. That barrier, however, may be on the verge of crumbling. A massive wave of used electric vehicles is expected to flood the market over the next three years, and it could change the affordability equation entirely.
A Million Used EVs Are Coming
According to data from Cox Automotive, the number of expiring EV leases is set to skyrocket. Just 123,000 leases wrapped up in 2025. That figure is projected to jump sharply in the years ahead:
- Around 300,000 leases ending in 2026
- Roughly 600,000 expected in 2027
- An estimated 660,000 in 2028
Since most leased vehicles eventually move into the used car pipeline, this means more than a million pre-owned EVs could land on dealer lots within just a few years. For shoppers who have been priced out of the new EV market, this shift could open the door wide.
Why the Used Market Matters So Much
In the United States, used cars dominate. Consumer Affairs reports that about 76 percent of all vehicle sales in 2024 were pre-owned. The reason is straightforward: cost. The average new car carried a price tag near $46,992, while the typical used vehicle sold for around $27,113.
That gap matters even more when it comes to electric cars, which often launch at premium prices. A surge in supply on the used side could finally make EV ownership realistic for everyday drivers.
The Deals Are Already Showing Up
Some of the discounts hitting the used EV market are eye-popping. The New York Times pointed to a striking example from AutoNation, one of the country’s largest dealer chains. A 2023 Hyundai Ioniq 5 SUV with just 18,000 miles, all-wheel drive, and a panoramic roof was listed for $28,000. The same vehicle originally sold for around $58,000 just three years earlier.
That kind of depreciation is rough news for original owners, but it’s a windfall for budget-conscious buyers. While new EVs still tend to cost more than comparable gas-powered models, prices on the used side have largely evened out between the two.
Will the Bargains Last?
The current sweet spot for buyers may not stick around forever. New EV sales and leases dropped 36 percent year over year between the end of 2024 and the end of 2025, and the slide continued into the first quarter of 2026. Fewer new leases today means fewer used EVs flowing into the market a few years from now.
In other words, the upcoming surge represents a window, not a permanent shift. Once the current pipeline of off-lease vehicles works its way through, supply could tighten again and push prices back up.
What This Means for Buyers
For anyone considering an electric car, the next two to three years may offer the best buying conditions the used EV market has ever seen. Wider selection, sharper price cuts, and lightly used vehicles still under warranty all point to a rare opportunity.
Key takeaways for shoppers:
- Expect significantly more used EV inventory between 2026 and 2028.
- Compare lease-return models, which often come with low mileage and full feature sets.
- Move sooner rather than later, since softening new EV demand could shrink supply down the road.
Final Thoughts
The story of used EV prices is shifting fast. What was once a niche, expensive corner of the auto market is about to become one of the most competitive segments in used car sales. For buyers ready to make the leap, the timing has rarely looked better, but the bargain phase may be shorter than many expect.