"In 2025, just 123,000 leases on EVs expired. That is expected to more than double to 300,000 in 2026, and double again to 600,000 in 2027 and 660,000 in 2028, according to Cox Automotive."
"The average price of a new vehicle was $46,992, and just $27,113 for used. This price difference is a significant factor in the preference for used cars."
"AutoNation is advertising a 2023 Hyundai Ioniq 5 for $28,000, down from $58,000 three years ago, showcasing the potential for dramatic price reductions in the used EV market."
"Sales and leases of new EVs fell 36 percent year-over-year from the end of 2024 to the end of 2025, indicating a potential decline in new EV availability."
The upcoming years will see a dramatic increase in the availability of used electric vehicles, with over a million expected to enter the market. In 2025, 123,000 leases will expire, doubling to 300,000 in 2026, and reaching 660,000 by 2028. The majority of cars sold in the US are used, with a significant price difference between new and used vehicles. For instance, a 2023 Hyundai Ioniq 5 is advertised for $28,000, down from its original price of $58,000. However, new EV sales have declined significantly, indicating the glut may not be permanent.
Read at The Verge
Unable to calculate read time
Collection
[
|
...
]