One of the main things keeping electric cars from taking over the world has been their price tag - because apparently saving the planet costs a down payment on a house. But a wave of used EVs hitting the market over the next few years might finally make them attainable for mere mortals.
According to Cox Automotive, only 123,000 EV leases expired in 2025. That number is projected to more than double to 300,000 in 2026, then double again to 600,000 in 2027, and reach 660,000 in 2028. Since most leased cars end up on the used lot, that means over a million pre-owned EVs could become available soon, making the electric dream a lot more accessible.
This matters because Americans love used cars - 76 percent of vehicles sold in the US in 2024 were pre-owned, according to Consumer Affairs. The reason is obvious: the average new car costs $46,992, while a used one averages just $27,113. The New York Times highlighted just how stark the difference can be for EVs: AutoNation is currently advertising a 2023 Hyundai Ioniq 5 with only 18,000 miles for $28,000. That same SUV, loaded with all-wheel drive and a panoramic roof, listed for $58,000 just three years ago.
While new EVs still tend to cost more than their gas-guzzling counterparts, prices on the used market are now roughly equal. But don't get too comfortable - the glut might not last. The Times reports that sales and leases of new EVs fell 36 percent year-over-year from the end of 2024 to the end of 2025, and continued sliding in early 2026. So if you've been waiting for a cheap electric car, now might be the time to strike before the market figures out what's happening.