Expiring EV Leases Reshape the Used-Car Market

The used EV market is experiencing a 12% year-over-year surge, driven primarily by an influx of pre-owned vehicles from early-2020s lease expirations rather than gas prices alone. This unprecedented supply of affordable used EVs is pushing prices to parity with comparable gas vehicles, making electrification accessible to cost-conscious consumers. The shift signals a potential turning point for EV adoption, as the used-car segment thrives while the new-car market declines due to the loss of federal tax incentives.