Experts predict used electric vehicles in 2026 will be best car deal in 20 years

If 2026 is the year you plan to buy a car or trade in your ride, your timing couldn’t be more perfect, according to experts — at least when it comes to electric vehicles.

Back in 2023, a $7,500 tax credit kicked in for new EVs, and tons of people took advantage of it. That credit no longer exists, by the way.

According to Experian, 12% of new EVs were leased when the credit was first offered, and by the end of 2024, that number soared to more than 50%.

Now, those two- and three-year leases are about to end, likely creating a surge in the inventory of used electric vehicles that will soon flood car lots and likely continue through the next year or two.

What happens when supply beats out demand? Prices drop.

“I would say a used electric car is the best deal you’re gonna get on a car, say, for the past 20 years,” said Brian Moody, automotive expert and analyst for Kelley Blue Book. “It’s almost impossible to find something as new with as compelling technology and as current safety as any other car on the road. It’s just that the price is so compelling.”

Switching from a gas engine to a battery might be a lifestyle change that many car buyers may be hesitant to make.

Moody believes hybrid vehicles might also become more popular as more people look at used EVs.

“Some hybrids today can get close to 60 miles per gallon,” explained Moody. “So, hybrids are the kind of car that most people say they can make the most use of because it uses the existing infrastructure, and some of them can even drive on electricity alone for a period of time.”

On the flipside, if you currently own an electric vehicle that you might be trading in for another car down the road, you should probably consider doing it sooner, as the value may decrease once all of those EVs go off lease.