Over one million pre-owned electric vehicles may enter the market within the next three years. A significant barrier for electric cars has been their cost, but a surge of used vehicles in the coming years could significantly lower prices. In 2025, the number of expired electric vehicle leases was 123,000. This figure is projected to more than double to 300,000 in 2026, doubling again to 600,000 in 2027, and reaching 660,000 in 2028, as reported by Cox Automotive.
Most leased vehicles eventually join the pre-owned market, indicating that over a million used electric vehicles could become available in upcoming years, enhancing accessibility. In the US, used vehicles comprise the majority—about 76 percent—of car sales as of 2024, according to Consumer Affairs. Price is a significant factor, with the average new vehicle priced at $46,992, compared to $27,113 for used ones.
The New York Times highlighted the price contrast for electric vehicles: AutoNation, a major dealership chain, listed a 2023 Hyundai Ioniq 5, a sport utility vehicle with only 18,000 miles, for $28,000. Three years ago, fully equipped with options like all-wheel drive and a panoramic roof, it was listed for $58,000.
While new electric cars generally cost more than gas-powered ones, their prices are more comparable in the used market. However, this surplus might not persist. According to the Times, sales and leases of new electric vehicles decreased by 36 percent from the end of 2024 to the end of 2025 and continued to decline in the first quarter of 2026.