1M+ Used EVs Hitting Market Could Slash Prices

Electric cars have a price problem that's about to solve itself.

More than a million used electric vehicles are expected to hit the market between now and 2028, creating an unprecedented opportunity for budget-conscious buyers to go electric. The wave starts small but builds fast: 300,000 leased EVs return in 2026, doubling to 600,000 in 2027, and reaching 660,000 in 2028, according to Cox Automotive.

The numbers matter because most Americans buy used. About 76 percent of all cars sold in the US are pre-owned, largely because new vehicles averaged nearly $47,000 in 2024 while used ones cost just $27,000.

The price drops are already eye-catching. AutoNation recently advertised a 2023 Hyundai Ioniq 5 SUV for $28,000 after just 18,000 miles. That same vehicle, loaded with all-wheel drive and a panoramic roof, listed at $58,000 when new three years ago.

That's a 52 percent discount in three years.

Even better, used EVs now cost about the same as used gas cars, erasing the premium that has kept electric vehicles out of reach for many families. The barrier isn't the technology anymore. It's just been the sticker shock.

The Bright Side

This surge comes at the perfect time. For years, environmental advocates have pushed for cleaner transportation, but the high cost of new EVs meant only wealthier buyers could participate. Now, teachers, nurses, and service workers can join the electric revolution without breaking the bank.

The used market also means tried-and-tested vehicles. Early buyers have put these cars through real-world conditions, proving battery life and reliability. New buyers get the benefit of that experience without paying the early adopter premium.

There's a catch worth noting: new EV sales dropped 36 percent recently, which could slow the pipeline of future used vehicles. But for the next few years at least, the window is wide open for anyone who's been waiting for their chance to go electric without the luxury price tag.

The clean energy transition just became a whole lot more democratic.