EV leasing soared between 2022 and mid 2025, and now those 24- to 36-month leases are maturing. Around 215,000 EVs are projected to come off lease in 2026 — a 230 percent jump from recent years, when annual returns were under 100,000.
Prices are dropping, and the time EVs spend on lots is on the rise. There are also aggressive price cuts on new EVs that are resetting the residual value. We’re witnessing the post-subsidy normalization of an overhyped market, and what may be the most buyer-friendly used EV market yet.
More than half of used EV listings now sit under $30,000, and many are just two or three years old.
