An influx of used EVs could drive down prices

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Chevrolet Bolt electric vehicles (EV) at a dealership in Colma, California, US, on Friday, Jan. 26, 2024. General Motors Co. is expected to release earnings figures on January 30. Photographer: David Paul Morris/Bloomberg via Getty Images

Part of what has held back electric cars has been the cost. But an influx of used vehicles over the next three years could bring prices down dramatically. In 2025, just 123,000 leases on EVs expired. That is expected to more than double to 300,000 in 2026, and double again to 600,000 in 2027 and 660,000 in 2028, according to Cox Automotive.

Most leased vehicles end up entering the used market. This means more than a million used EVs could become available over the next few years, making them far more accessible. The vast majority of cars sold in the US are used - some 76 percent as of 2024, according to Consumer Affairs. A large part of th …

Read the full story at The Verge.



source https://www.theverge.com/tech/918765/an-influx-of-used-evs-could-drive-down-prices

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