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Market Update

Used EV Supply Is About to Triple

Off-lease EV supply is projected to nearly triple by 2028. Here is why that could mean big savings for used car buyers.

By Mira·February 25, 2026·2 min read

TL;DR

Used EV supply is set to jump from 298,000 units to nearly 800,000 by 2028 as leases expire. More supply means lower prices for buyers, but current EV owners may see trade-in values drop.

Used EV Supply Is About to Triple. That Could Mean Huge Deals for Buyers.

If you have been thinking about buying a used electric vehicle, the next two years might be the best window you will ever get.

Car Dealership Guy flagged a stat that should be on every car buyer's radar: off-lease used EV supply is projected to jump from roughly 298,000 units in 2026 to 796,000 by 2028. That is nearly three times the current supply hitting the market in just a couple of years.

Why does this matter for your wallet? More supply means more competition between sellers. And more competition means lower prices.

The Supply Wave Is Coming

The first big wave of three-year EV leases from 2023 and 2024 are starting to expire. That was the period when EV sales spiked thanks to federal tax incentives that made leasing especially attractive. Dealers structured leases to capture the $7,500 clean vehicle credit, which meant a flood of EVs went out on short-term leases.

Now those vehicles are coming back. And the market is about to feel it.

What This Means for Used EV Prices

Used EV prices have already been trending down. According to Cox Automotive data, the average used EV transaction price dropped about 15% year over year in late 2025. With supply nearly tripling, that trend has room to accelerate.

Here is what buyers should watch for:

  • Tesla Model 3 and Model Y leases from 2023 to 2024 will flood the market. Expect competitive pricing on certified pre-owned units.
  • Hyundai Ioniq 5 and Kia EV6 are already some of the best value EVs on the used market. More supply will push prices lower.
  • Ford Mustang Mach-E off-lease units could become serious bargains, especially after Ford's recent price cuts on new models.

The Flip Side: Watch for Depreciation

If you currently own an EV and are thinking about selling or trading in, this supply wave could work against you. More used EVs on dealer lots means your trade-in value faces downward pressure.

The smart move: if you are planning to sell an EV, doing it sooner rather than later gives you a better shot at holding value before the wave fully hits.

The Sidekick Take

This is one of those moments where timing matters more than brand loyalty. The used EV market is about to shift heavily in buyers' favor. Whether you are shopping for your first EV or looking to upgrade, the next 12 to 18 months could save you thousands.

Just make sure you are not only comparing sticker prices. Total cost of ownership, including insurance, charging costs, and potential battery degradation, is what separates a great deal from a money pit. That is exactly the kind of thing we help with.

Sources:

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