Used EV Prices Jump Nearly 10% After Years of Declines

Used electric vehicles have stopped getting cheaper. A recent study by iSeeCars found that used EV prices reversed a two-year downward trend, rising by roughly 9.8% overall — a sharp turnaround after years of steep depreciation that made pre-owned EVs a bargain.

Demand catches up with supply

The report's central finding is that consumer demand is finally matching available inventory. Buyers who were previously priced out of new electric cars are now actively purchasing heavily depreciated lease returns, absorbing the surplus that flooded the market as early-adopter leases expired.

• Roughly 300,000 used EVs are expected to hit dealership lots this year as lease programs mature.
• Used EV values are stabilizing rather than continuing their prior slide.
• New EV sales remain sluggish by comparison, with long dealer dwell times on fresh inventory.

What it means for Canadian buyers

The U.S. price uptick is a warning sign for anyone waiting for rock-bottom used EV pricing in Canada. With the U.S. federal tax credit expired and new-car incentives shifting, the used market is the main affordability path into EV ownership — and it is no longer the bargain it was in 2024–2025. Budget-conscious buyers should expect tighter margins and higher residual values than recent years suggested.

For Canadian EV owners, stronger used values also mean better trade-in and resale positions, improving the total cost of ownership at the point of sale.

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