A three-year-old EV that stickered at $50,000 new is now sitting on a dealer lot for under $25,000, and the obscure tax provision that turbocharged EV leasing in 2023 is the reason so many of them landed there at once

Cox Automotive data shows 93,500 used EVs sold in Q1 2026, up 12% from 83,587 in Q1 2025. Used EVs now average $34,821, within just $1,300 of the $33,487 average for used gas vehicles. According to Cox Automotive’s Q2 2026 market report, used EVs represented just 4.4% of all lease maturities in 2025. The record new-car prices now topping $51,820 are pushing even more buyers into this growing pool of affordable, nearly-new used EVs. Used EVs still account for less than 4% of overall Manheim wholesale volume, yet demand is keeping pace with supply.