Used Electric Vehicles Could Be Best Car Deal in 20 Years

If you've been eyeing an electric vehicle but balked at the sticker shock, your patience is about to pay off in a big way.

A perfect storm of market forces is creating what automotive experts are calling the best used car deal in 20 years. Between 2023 and 2024, EV leasing jumped from 12% to over 50% of new electric vehicle sales, fueled by a $7,500 tax credit that encouraged thousands of Americans to go electric.

Now those two and three year leases are ending all at once. The result? Car lots across the country are about to be flooded with nearly new electric vehicles, and basic economics means prices will have to drop when supply outpaces demand.

Brian Moody, an automotive expert at Kelley Blue Book, can barely contain his enthusiasm about the opportunity. "It's almost impossible to find something as new with as compelling technology and as current safety as any other car on the road," he said. "It's just that the price is so compelling."

These aren't clunkers with outdated tech. They're recent model EVs with cutting edge features, modern safety systems, and plenty of battery life remaining.

The Bright Side

The timing couldn't be better for budget conscious car buyers who care about the environment. What was once a luxury purchase reserved for early adopters with deep pockets is becoming accessible to middle class families looking to save on gas and reduce their carbon footprint.

Moody notes that hybrids are also benefiting from increased attention, with some models hitting nearly 60 miles per gallon. For drivers nervous about charging infrastructure, they offer a gentle bridge between gas and fully electric driving.

The advice for current EV owners? If you're planning to trade in eventually, doing it sooner rather than later will help you avoid the coming depreciation wave.

The market shift represents something bigger than just good deals: it's electric vehicles finally reaching the mainstream affordability that will make sustainable transportation accessible to millions more Americans.