In 2023, 46 percent of all franchise (i.e. not Tesla, Rivian, Vinfast, or Lucid) EV sales were leases, a trend that JD Power says it has seen through the first three quarters of 2024 as well. Once Tesla is included, about 30 percent of new EV sales this year have been leases. By contrast, fewer gasoline-powered cars are being leased each year since the start of the pandemic.

That means there will probably be a shortage of used ICE vehicles in 2025 and 2026. Used EVs might also be a little scarcer next year, JD Power says. It expects a 2 percent drop in the number of used EVs next year, but a 230 percent increase in 2026 as 215,000 cars end their leases.

JD Power also has some good news about new EV prices—they’re getting cheaper. The average price for a new electric compact SUV, once tax credits and manufacturer incentives are included, is $35,900, $12,700 less than the price in 2022 for the same class of vehicle.