The market is being saturated with affordable late-model off-lease EVs that can save buyers a hefty wad of cash up front and even more down the road.

Electric cars are continuing their climb toward mainstream adoption. EV sales are steadily increasing, supported by improved charging infrastructure, growing model variety, and government incentives.

It's widely assumed that electric cars will never emerge into the mass market if buying them requires paying a significant premium over comparable internal-combustion models. While owners may save ...