Over one million used EVs will flood the US market by 2028. Cox Automotive data shows expired EV leases jumping from 123,000 in 2025 to 300,000 in 2026, 600,000 in 2027, and 660,000 in 2028. Most leased vehicles roll straight into used inventory.
This matters because 76 percent of US car sales in 2024 were used vehicles, per Consumer Affairs. The used market is where most Americans actually buy cars. A supply surge of this scale could finally close the price gap that has kept EVs out of reach for the majority of buyers.
The full piece unpacks how lease return timing, depreciation curves, and model availability will shape which buyers benefit first. The numbers are set. The distribution of that benefit is the story worth reading.
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