An influx of used EVs could drive down prices

2026-04-25 · Source: The Verge · Field: Retail & Consumer Goods — Consumer Products & Manufacturing, Retail Analytics & Intelligence, Specialty Retail Sectors · Depth: Fundamental Awareness, quick

Summary

The high cost of electric vehicles (EVs) has been a significant barrier, but an anticipated surge in used EVs from expiring leases is expected to dramatically lower prices. Cox Automotive projects that EV lease expirations will more than double from 123,000 in 2025 to 300,000 in 2026, reaching 600,000 in 2027 and 660,000 in 2028, potentially introducing over a million used EVs into the market. This influx could make EVs far more accessible, aligning with the fact that 76 percent of cars sold in the US are used, with an average used vehicle price of \$27,113 compared to \$46,992 for new ones, according to "Consumer Affairs". For instance, a 2023 Hyundai Ioniq 5, originally \$58,000, is now advertised for \$28,000 by AutoNation. However, this market glut may be temporary, as new EV sales and leases reportedly fell 36 percent year-over-year from late 2024 to late 2025 and continued to decline in Q1 2026.

Key takeaway

An impending surge of used electric vehicles from expiring leases is set to dramatically lower EV prices. Over one million leased EVs will enter the used market by 2028, with annual expirations more than doubling from 300,000 in 2026 to 660,000 in 2028, exemplified by models like a 2023 Hyundai Ioniq 5 halving in price. This creates a critical window for consumers seeking affordable EVs, though the price glut may be temporary due to declining new EV sales.

Topics

• Electric Vehicle Market
• Used Car Prices
• EV Lease Expirations
• Automotive Industry Trends
• Hyundai Ioniq 5

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Editorial summary, takeaway, and curation by AIssential. Original article published by The Verge.