Cheap Used EVs Will Flood The Market In The Next Two Years, Experts Say
Over a quarter of a million EVs will come off lease by the end of 2026, so keep your eyes peeled for deals.
Nearly 280,000 EV leases will end in the next two years, according to J.D. Power.
These cars will likely flood the used car market.
That's because most lessees will find it cheaper to just lease a new EV instead of buying out their old one.
The next two years will be a roller coaster ride for new and used electric vehicle prices in the United States. According to a new study from J.D. Power, over a quarter of a million EV leases will end by the time 2026 comes to a close, flooding the market with potentially very affordable battery-powered cars.
That’s good news for people who are looking to get an EV but don’t quite have the money to buy a new one. But there’s more good news: the people returning their slightly used EVs might find it cheaper to just lease a new one instead of buying off their two- or three-year-old car when the contract ends.
That’s because prices for new zero-emissions cars are projected to go down even more, coupled with the introduction of more models from several automakers. Just look at General Motors–it already has nine electric cars on sale, but more are on the way, together with more affordable versions of the currently available models. BMW, Hyundai, Kia, Stellantis and others will also diversify their portfolio.
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