used EV – Leases are expiring in rising numbers, pushing more EVs into the used market. That supply surge could make electric cars cheaper—while new EV demand cools.
Electric cars have been held back for many buyers by one stubborn factor: price. A growing used-EV supply over the next few years could change that math, especially as lease fleets return to dealers.
The shift is being driven by lease expirations. In 2025, 123,000 EV leases were set to expire. That figure is forecast to more than double to 300,000 in 2026, then double again to 600,000 in 2027, with an additional 660,000 in 2028.
For consumers, this matters because lease returns often flow quickly into the used market.. Most vehicles sold in the US are already used—about 76% as of 2024—and that pattern is likely to keep helping buyers who want lower entry costs.. Misryoum sees the core issue as simple: when prices are high, adoption slows.. When supply increases, prices usually loosen.
The contrast between new and used pricing is where the story becomes compelling.. Misryoum points to figures showing the average price of a new vehicle at $46,992, compared with $27,113 for used vehicles.. That gap isn’t unique to EVs. but EVs have carried extra pricing sensitivity because buyers often compare them to familiar gas-car alternatives—and many still worry about long-term value. battery health. and charging convenience.
A real-world example underscores the potential impact.. Misryoum notes that AutoNation has advertised a 2023 Hyundai Ioniq 5 with 18,000 miles for around $28,000—down from a $58,000 listing three years earlier.. The listing includes features such as all-wheel drive and a panoramic roof. which suggests these are not “stripped” vehicles meant for only the most budget-conscious drivers.
There’s another side to this trend that’s worth watching: the supply surge could be arriving at the same time that new EV sales are cooling.. Misryoum highlights that new EV sales and leases reportedly fell 36% year-over-year from the end of 2024 to the end of 2025. with declines continuing into the first quarter of 2026.. When demand softens while lease returns rise. dealerships may feel more pressure to move inventory—often through pricing moves. financing incentives. or added warranty coverage.
From an editorial perspective, the used-EV timeline creates a rare buying window.. Over the next three years, more than a million used EVs could reach the market as lease fleets cycle out.. That scale of availability could help normalize electric cars as “regular” used purchases rather than special-order lifestyle commitments.
Still, this wave won’t automatically last forever.. Misryoum expects supply to eventually stabilize as lease volumes taper and earlier EV adopters move on to newer models.. Once that happens, competition among dealers may ease, and pricing pressure could reduce.. In other words: the likely advantage is time-bound, not permanent.
For drivers, the implications are practical.. Lower used prices can reduce monthly payments. make it easier to switch brands or trims. and widen access to EVs with features that used to feel out of reach.. For the market. more used EVs can also accelerate secondary benefits—like increased attention to repair ecosystems. more competitive parts pricing. and faster growth in certified pre-owned EV programs.
And for the broader shift toward electrification. this is how adoption tends to scale: first through technology improvements. then through affordability.. Misryoum sees the next step as a feedback loop—if more buyers can afford used EVs. more drivers gain real-world experience. which can strengthen confidence and support future demand. even if the new-car segment faces a temporary slowdown.