An influx of used EVs could drive down prices

The used electric vehicle market is expected to surge with over a million vehicles becoming available in the next few years, potentially driving down prices due to increased supply. This could make electric cars more accessible to a wider audience. The majority of cars sold in the US are used, with 76% sold as of 2024. This trend is expected to impact the electric vehicle market significantly. Leased EVs are set to expire in large numbers, with 123,000 in 2025, 300,000 in 2026, and 600,000 in 2027 and 2028.