The real reason they cite is also quite interesting. Twice as many leased electric vehicles are coming to market.

Analysts attribute the surge to a glut of hundreds of thousands of cheap pre-owned EVs that were purchased on leases in the early 2020s and which are now returning to market as those leases expire. According to credit bureau Experian, EVs will account for 15 percent of all off-lease vehicles at the end of this year, up from 7.7 percent in the first quarter.