Part of what has held back electric cars has been cost. But an influx of used vehicles in the next three years could drive down prices dramatically. In 2025, only 123,000 electric vehicle leases expired. That figure is expected to double to 300,000 in 2026, and double again to 600,000 in 2027 and 660,000 in 2028, according to Cox Automotive.
Most leased vehicles end up entering the second-hand market. This means that over a million used electric vehicles could be available in the coming years, making them much more affordable. The vast majority of cars sold in the US are used: about 76 percent in 2024, according to Consumer Affairs. A big part of that is due to price. In the same report, Consumer Affairs He said the average price for a new vehicle was $46,992, and just $27,113 for a used one.
He New York Times highlighted how dramatic the difference could be for electric vehicles in particular:
AutoNation, a large dealership chain, is advertising a 2023 Hyundai Ioniq 5 sport utility vehicle for $28,000. It has been driven only 18,000 miles. Loaded with options including all-wheel drive and a panoramic roof, it listed at $58,000 three years ago.
While new electric cars tend to be more expensive than their gasoline-powered counterparts, prices are about the same on the used market. However, the excess may not last. According to the TimesSales and leases of new electric vehicles fell 36 percent year over year from the end of 2024 to the end of 2025. And they continued to decline further in the first quarter of 2026.
