Used EV glut could push prices lower for years

An anticipated flood of over a million used electric vehicles in the next three years—driven by surging lease expirations (from about 123k in 2025 to 660k in 2028, per Cox Automotive)—could depress prices as most leases enter the used market. Used EVs are already priced similarly to gas cars, with notable depreciation like AutoNation’s 2023 Hyundai Ioniq 5 dropping from $58k new to about $28k used. Still, the glut may not last, as new EV sales and leases fell about 36% year over year from late 2024 into 2025 and continued to decline in early 2026.