The high cost of electric vehicles (EVs) has traditionally been a barrier for many potential buyers. However, the landscape is set to change considerably as a wave of used EVs enters the market over the next few years, potentially driving prices down. Back in 2025, only 123,000 EV leases expired, but projections from Cox Automotive suggest this number will more than double to 300,000 by 2026, and then double again to 600,000 by 2027, reaching 660,000 by 2028.

Typically, leased vehicles are funneled into the used car market, which means that in the coming years, over a million used EVs could become available. This influx would make electric cars significantly more accessible to a broader audience. In fact, the majority of cars purchased in the United States are used vehicles, accounting for approximately 76 percent as of 2024, as reported by Consumer Affairs. One of the main reasons for this trend is cost efficiency. The same report highlighted that while the average price of a new vehicle was $46,992, used vehicles were considerably cheaper, averaging $27,113.

In an analysis by The New York Times, the potential price shift for electric vehicles was emphasized. Although new EVs are generally pricier than traditional gasoline-powered cars, prices on the used EV market are comparable. However, this favorable price trend may not be permanent. The Times noted a 36 percent decline in the sales and leases of new EVs from the end of 2024 to the end of 2025, with further decreases observed in the first quarter of 2026.

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 was listed at $58,000 three years ago.

While new electric cars tend to be more expensive than their gas-powered counterparts, prices are about the same on the used market. The glut may not last, however. According to the Times, sales and leases of new EVs fell 36 percent year-over-year from the end of 2024 to the end of 2025. And continued to decline further in the first quarter of 2026.