Cheap Used EVs Flooding US Market Through 2028

If you've been priced out of owning an electric vehicle, that's about to change in a big way.

A massive surge of used EVs is flooding the American market right now, with prices dropping fast. The wave started in late 2024 and will keep building through 2028, creating what experts call an unmissable buyer's market.

The story starts with the Inflation Reduction Act of 2022, which created generous subsidies for electric vehicles. Automakers discovered a clever leasing loophole that classified leases as "commercial vehicle" sales, allowing them to stack federal and state incentives in creative ways.

The results were jaw-dropping. Nissan Leafs leased for $10 per month in Colorado, while Fiat 500e deals hit $0 in some cases. California and other states saw similarly incredible offers across multiple brands.

Thousands of people jumped on these deals between 2022 and 2024. Now those 24 to 36 month leases are expiring all at once, sending a tidal wave of low-mileage EVs back onto the market.

Sam Abuelsamid, Vice President of Market Research at Telemetry, sees this as a game changer for mainstream adoption. He notes that while used EVs have always depreciated quickly due to battery concerns, the reality tells a different story.

"The batteries hold up very well, apart from early Leafs, so they are a fantastic way to get into an EV," Abuelsamid explained. Real-world experience is proving that battery replacement anxiety was largely unfounded.

The Ripple Effect

This flood of affordable used EVs could reshape America's relationship with electric vehicles entirely. As more people experience reliable, low-cost EV ownership firsthand, the myths about expensive battery replacements will fade away.

The shift comes at a perfect time. With new car transaction prices hovering around $50,000, budget-conscious buyers desperately need affordable alternatives.

Abuelsamid predicts these initial buyers will become evangelists for electric vehicles once they realize maintenance costs stay low year after year. That word-of-mouth effect will likely boost used EV resale values over time, creating a healthier, more sustainable secondary market.

The peak is expected in 2028, exactly 36 months after the rush to buy before IRA subsidies changed last year. Until then, savvy shoppers have an unprecedented opportunity to go electric without breaking the bank.

For anyone who's wanted to make the switch but couldn't justify the cost, the wait is finally over.