According to J.D. Power’s October 2024 E-Vision Intelligence Report, lease volumes for new EVs surged a whopping 355% throughout 2023 and 88% throughout September 2024. This will lead to a massive 230% spike in returning lease volumes in 2026. Before that happens, though, a 2% decrease in returning EV leases is projected for next year.

In total, nearly 280,000 EV leases will end in the next two years in the United States. At the same time, however, J.D. Power says that people looking to get a new EV after their current lease ends might just do that instead of paying the residual value and sticking with the car they leased in 2023 or 2024. The average returning lessee in the compact SUV segment now pays $584 per month for their EV, and the average residual value of their vehicle is $29,645, as per J.D. Power.