A wave of used electric vehicles is poised to reshape the car market, potentially slashing prices and making EVs accessible to a much broader audience. According to Cox Automotive, the number of expiring EV leases is set to skyrocket over the next three years, unleashing over a million pre-owned electric cars onto the market.
In 2025, only 123,000 EV leases expired. That figure is projected to more than double to 300,000 in 2026, then jump to 600,000 in 2027 and 660,000 in 2028. Since the vast majority of leased vehicles re-enter the used market, this surge could dramatically increase supply.
“The influx of off-lease EVs is a game-changer for affordability,” said industry analysts. “For years, the high upfront cost has been a major barrier to EV adoption. Now, a growing pool of cheaper used models could finally tip the scales.”
The trend arrives as automakers push more EVs into the market, but new models remain pricey for many households. Used cars already account for a huge portion of US sales, and this wave could accelerate the transition to electric transportation without requiring buyers to pay new-car premiums.
While battery degradation and range concerns still linger, the sheer volume of available vehicles is expected to drive down prices across the board, benefiting consumers and pressuring manufacturers to compete on value.