Used EVs Flood Market, Prices Plummet

The electric vehicle market is on the cusp of a significant price drop as a surge in used EV leases is expected to flood the market with pre-owned models over the next three years. According to projections by Cox Automotive, leased EVs will double from 123,000 in 2025 to over 600,000 by 2028, significantly increasing the availability of used EVs. This influx is anticipated to bring down prices for new EV buyers, making electric vehicles more accessible and affordable. The majority of cars sold in the US are used, with a staggering 76% as of 2024, according to Consumer Affairs data. As most leased vehicles enter the used market, the increased availability of pre-owned EVs is expected to have a profound impact on the market dynamics, potentially leading to more competitive pricing and greater consumer choice.