Some auto industry experts are now calling 2026 “The Year of the Used EV.”

It comes after the electric vehicle tax credits expired in September.

Experts said that it has had a ripple effect on sales in the auto industry.

As the clock ticked on the expiration of EV tax credits in September, new data shows there was a wave of last-minute buyers.

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The used vehicle market for electric vehicles is starting to become robust with inventory.

But, since then, new electric auto sales across the board plummeted nearly 50% last month.

“I think in the next probably six months, the market will get stabilized and really try to find that balance of what’s that natural demand for EVs,” said Stephanie Valdez-Streaty.

Valdez-Streaty is a director for Cox Automotive, which provides marketing data for the automotive industry.

“I think the used EV market is the bright star,” she said.

For example, new Rivian trucks can cost north of $100,000, but you can get a used one for south of $60,000.

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And a new Tesla Model “Y” averages around $50,000, but the 2024 model can be found for around $30,000.

She said that currently, EVs only account for about 2.5% of the overall used vehicle sales market. But she added that since 2023, 1.1 million EVs have been leased, and many will expire soon.

That surge of expiring leases is bringing used prices down and allowing for big bargains.

“I think it’s going to be a huge opportunity and huge growth engine in the next few years,” she said.

Valdezy-Streaty said wider EV adoption has been hindered by price, battery concerns, and trepidation about an insufficient charging infrastructure. But she stressed batteries are good and warranties on them are robust. He believes the technology will only improve and likely bring costs down even further, especially in the new car sales market.

“And so the next 2027, 2028, we’re going to see some more affordable EVs hit the market,” she said.

Automakers are really evaluating their production of new EV vehicles. Hybrids have become a focus for some. One, they’re more profitable, and two, there’s greater consumer demand currently.

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