Used EVs Surge: Prices Set to Plummet!
An influx of used electric vehicles (EVs) is expected to drive down prices significantly. Discover how over a million used EVs hitting the market could change the automotive landscape in the coming years.
The Coming Wave of Used EVs
The electric vehicle market is on the brink of a transformation as over a million used EVs are projected to enter the market within the next three years. This surge is primarily driven by the expiration of leases, which are expected to increase from 123,000 in 2025 to a staggering 660,000 by 2028, according to Cox Automotive.
With the majority of cars sold in the U.S. being used—76% as of 2024—this influx will make EVs more accessible to a broader audience. The average price of a new vehicle stands at $46,992, while used cars average just $27,113, making the latter a more attractive option for budget-conscious consumers.
- •Key Points to Consider:
- •2023 Hyundai Ioniq 5 listed for $28,000, down from $58,000.
- •New EV sales fell 36% year-over-year from 2024 to 2025.
- •The used EV market may not sustain this glut long-term.
As the market adjusts, consumers should keep an eye on these trends to capitalize on the best deals.