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Carmakers Face A New Threat As 800,000 Used EVs Are About To Hit The Market
Hundreds of thousands of leased electric cars are expected to return to the market over the next few years.
Many of them are worth far less than manufacturers originally predicted.
That could create billions of dollars in losses across the industry.
Low monthly payments, tax incentives, and concerns about battery longevity pushed many buyers toward short-term leases instead of outright purchases. That strategy worked great… at first.
Now those two- and three-year lease contracts are ending, and automakers are getting large volumes of used EVs back all at once.
Industry analysts estimate roughly 800,000 off-lease EVs could hit the used market by 2028.
One Thing Silently Hurting EV Sales
I’ve talked with a lot of people this past week at our Electric Home Show, and one thing stood out to me at the end of it all when it comes to shopping for electric vehicles. It’s not a new thing — in fact, it’s something we’ve written about a lot — but it’s something that really rose above the surface.
The used electric vehicle market is much bigger and much better than it was even a few years ago, let alone several years ago when we bought our 2019 Tesla Model 3 new. There are so many used EVs now for sales, all types of models and prices, and that could be seriously hurting new EV sales growth.
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