It feels like it was just yesterday when electric vehicles (EVs) were the latest, greatest thing on the market. Honestly, there’s a lot to love. Not only do these vehicles eliminate your need to stop at the gas station every day, but they’re often wicked fast and have lots of cool, cutting-edge tech in the cockpit. In fact, many people would love to get behind the wheel of an EV if it weren’t for the price.
However, if you’re still dreaming of living electric, right now is the perfect time to shop for used EVs. With many of the 2023 leases ending, we’re about to see a used EV boom, which means you could find the electric car of your dreams at a budget-friendly price. Take a peek into the used EV market and get inspired for your next car purchase.
What’s With the Used EV Boom?
The Inflation Reduction Act, which became law in August 2022, incentivized EV drivers with a $7,500 credit. Since then, over 1.1 million drivers looking for clean air and convenience have leased EVs. In fact, of all new EVs leaving the dealership in the second quarter of 2025, 58% of them were leases.
Since the most common lease term is 36 months, EVs from 2023, the first full year the tax credit was in effect, are starting to return to the market as used vehicles. While some drivers have most certainly fallen in love with their EVs during the terms of their lease, many choose leasing so they can experience a new car every few years. That means more of these leased vehicles will be returning to dealerships, seeking a new life.
The EV tax credit ended on September 30, 2025, effectively raising the prices of new EVs by $7,500. Higher prices reduce demand, leading to a significant slowdown in EV sales. A glut of used EVs returning to dealer lots compounds the problem, forcing dealers to drop prices just to move these extra EVs off the lot. That’s not just good news for anyone looking to buy an EV, but for any car right now, as the price of gas keeps going up.
What Does This Mean for Drivers Like You?
In a nutshell, this means that a whole bunch of low-mileage cars with all the latest, greatest features and the convenience of no fuel and low maintenance are hitting the market at the same time. In fact, at times, you might see more electric than gas-powered vehicles on the used lots over the next few years. As with any market surge, these vehicles will be priced to sell.
Previously, some drivers were hesitant to adopt EV technology, but we now know EVs work exactly as intended. Legions of drivers across the country swear by their electric models for their impressive driving range, quick charging capabilities, and overall simplicity. Many drivers find plugging their car in routinely as easy to remember as plugging in a phone or laptop. Charging stations are becoming increasingly plentiful on the road, making it easier than ever for long-distance drivers to top off their charges.
Battery technology has improved as well, with more recent Lithium Iron Phosphate batteries offering up to 4,000 charge cycles before replacement. That’s approximately 10 to 20 years of daily use, to put it into perspective. All of this works in favor of drivers looking for a reliable vehicle with low mileage and the latest tech features at a reasonable price.
What Can a Used EV Do?
Generally speaking, a used EV can do all sorts of normal car stuff, like daily driving, stop-and-go freeway traffic, and long, winding road trips. There are a few extra skills programmed into electric models, however.
Tesla vehicles have become popular for their self-driving capabilities. The 2023 Tesla Model 3 offers a standard Basic Autopilot that can steer, brake, and accelerate itself based on your settings. The Enhanced Autopilot feature, an option on several trims, will choose the correct lane based on your navigation, park itself, handle traffic lights, and can even be Smart Summoned to come to you, rather than you searching for your car in a parking lot.
The Model 3 isn’t the only self-driving EV in town. The 2023 Ford Mustang Mach-E includes BlueCruise hands-free driving technology, along with a series of drive modes that take the on-road experience from a Whisper to Unbridled. With models ranging from 264 to 480 hp, that can mean unleashing a whole lot of power and excitement, especially in the GT and GT Performance models, each of which has over 600 lb-ft of torque to boost performance. Who can argue with the helpfulness and practicality of the frunk? With nothing to take up space under the hood, the Mach-E uses it as a drainable 4.7 cubic-foot storage compartment.
How to Pick the Ideal Used EV for You
There are many details to keep in mind when shopping for a car, including power and performance, comfort and convenience features, and how far it can go without recharging. When it comes to range, the Lucid Air was the clear winner for the 2023 model year. This luxury electric sedan comes in a variety of models and drive configurations, with the Grand Touring Range model providing an almost-unthinkable 819 total hp, 885 lb-ft of combined torque, and a range of up to 516 miles on a single charge. If you’re interested in features beyond range, the Lucid Air range has some pretty compelling options, including memory features that rely on facial recognition.
The 2023 Hyundai IONIQ 6 may not be a luxury model, but it has some of the fastest charging times in the segment. Making its debut with the 2023 model year, the IONIQ 6 boasts semi-autonomous driving, over-the-air updates, driverless parking, and the ability to charge from 10 to 80% in just 18 minutes at a public 350 kW DC fast-charging station. That’s a pretty cool trick, but the IONIQ 6 can also fully charge in just over seven hours when plugged into a Level 2 home charger.
EVs Come in All Sizes and Shapes
Admittedly, there was a time when the only EVs on the road were very compact, but things changed significantly with the rise of renewable resources. The 2023 GMC Hummer EV demonstrates that the right electric motor can accommodate all sizes. In fact, with the Watts to Freedom feature, drivers can unleash enough torque and horsepower to propel the 9,000-lb-plus Hummer EV from a standstill to 60 mph in less than four seconds. It also offers four-wheel steering, known as CrabWalk, while the available UltraVision system provides 18 exterior camera views for greater confidence on the trail or when parallel parking.
The 2023 Ford F-150 Lightning has been considered one of the best trucks of its model year, with more capability than some of its gasoline-powered counterparts. Outfitted with standard all-wheel drive, a roomy Super Crew cab, and a 5.5-foot bed, the Lightning can tow up to 10,000 lbs and handle a payload over 2,000 lbs. In fact, the 14.1 cu.ft. space under the hood provides additional storage.
Start Shopping for a Used EV to Get a Great Deal
While used car dealerships aren’t going to be giving EVs away for free, this is a great time to add an electric vehicle to your list of possible new-to-you cars. As 2023 leases start turning in, we’ll see plenty of used electric cars, trucks, and SUVs looking for their next home. With so many models to choose from, you might just find your next favorite car of all time.
