Quick Facts About Used Electric Vehicles
- New electric vehicle prices have dropped over the past year, and drivers can expect to see lower prices for used models.
- Consider the upfront cost savings and long-term maintenance expenses when deciding if it’s the better choice for your budget.
- Always evaluate an EV’s battery health before purchasing; the driving range will decrease as the battery ages.
Used electric cars are becoming a more attractive option for drivers on a budget who also care about their environmental impact. Lower emissions, reduced operating costs, and new technologies are all reasons to consider an EV, and the used market is growing as current owners trade in and trade up.
Below, we dig into what you should know before buying a pre-owned electric vehicle, including charging access, battery health, price ranges, and more.
- Is Now the Time to Buy a Used EV?
- Considerations Before Buying a Used EV
- Is it Worth it to Buy a Used EV?
Is Now the Time to Buy a Used EV?
The EV market continues to evolve, and new options pop up each year. Tesla prices have dropped by nearly 20% compared to August 2022, with prices for the popular Model 3 down to about $40,000. Lower costs and incentives make electric vehicles more accessible for a broader range of household budgets.
Prices may continue to drop across the board. As more EVs come on the scene and manufacturing costs decrease, so do the MSRPs. Costs for EV parts are also on the decline. Lower new model prices will ultimately translate to lower prices for used models. The future is looking bright for your wallet if you’re considering an EV.
Considerations Before Buying a Used EV
There are a few major factors to consider before deciding to buy a used electric vehicle. While your budget is essential, so are your driving habits and your level of access to charging stations. You’ll also want to keep maintenance costs in mind; they may vary from the typical expenses associated with used gas-powered vehicles. Whichever car you choose, you’ll want to make sure it can handle your journeys.
New vs Used EV Prices
There’s a wide pricing range for electric vehicles. The 2023 Tesla Model 3 — the third-longest-range electric car — starts at $38,990, while the 2024 Nissan Leaf starts at $28,140. The initial depreciation for electric cars is steep, so buying a used EV can be a good option that’s easier on your wallet.
Here’s how some popular models stack up when comparing new price ranges to similar used options from the previous model year.
Nissan Leaf
- New: $28,140 – $36,190
- Used: $17,000 – $29,990
Tesla Model 3
- New: $38,990 – $53,240
- Used: $34,000 – $48,500
Chevrolet Bolt EV
- New: $26,500 – $29,700
- Used: $23,000 – $29,950
Hyundai Kona Electric
- New: $33,550 – $41,500
- Used: $23,000 – $29,500
Potential Savings
Federal tax credits can now play a major role in making electric vehicles more affordable. These government incentives were designed to help promote the adoption of alternative fuel vehicles, and available incentives can add up to thousands of dollars in savings for consumers. A new rule for 2024 calls for the discount to be applied at the point of sale, letting buyers take advantage of the discount immediately, rather than filing the appropriate paperwork and waiting for a refund or credit at tax time.
Terms and conditions for EV tax rebates and credits change often. Make sure to keep up with the latest information on EV incentives before you decide to purchase and confirm your eligibility ahead of time.
Access to Charging
Access to charging stations is one of the most important factors when deciding to buy an electric car. You need to be able to plan to charge regularly, and also recharge if needed when you’re out and about. If you’re unable to charge at home or work and the closest stations are far away, always busy, or out of order, an EV may not be the best option right now.
However, charging infrastructure is rapidly expanding. Even if you’re in more rural areas, accessibility may change in the near future. Here are the three charging levels and their typical charging times.
- Level 1: This uses a standard 120-volt electrical outlet. It’s the slowest charging option, with power trickling to your EV from your home’s existing circuit. Level 1 charging is good for overnight charging at home, but it can take more than 40 hours to fully boost your battery. It might not be a practical option for drivers logging many miles every day.
- Level 2: Level 2 chargers recharge your battery via a 240-volt outlet. The connection is up to nine times faster than a Level 1 setup and is the recommended method for charging most EVs. Public charging stations found in office parks, grocery store lots, and shopping centers are typically the Level 2 variety. If you’d like to install a Level 2 charger at home, a licensed electrician needs to wire an outlet on a dedicated circuit.
- Level 3: Commonly known as “fast chargers” or “DC fast chargers,” these stations are found in heavily trafficked public spaces. They charge your battery in as little as 20 minutes for some electric vehicles. While they’re great for road trips and longer drives, the higher power levels aren’t recommended for daily recharging.
Maintenance Costs
As with conventional gas-powered vehicles, the maintenance costs of buying a used EV are important considerations. Since they don’t have an internal combustion engine (ICE) with lots of moving parts, ongoing maintenance expenses for electric cars are often lower. While an EV’s propulsion battery naturally degrades over time, it usually requires very little maintenance.
Electric vehicles also have a regenerative braking system that helps reduce wear and tear on the pads and discs. This helps extend the life of your brake parts, which also helps your budget. Additionally, there are fewer fluids — like engine oil and coolant — to regularly replace.
Electric Car Battery Life
Battery life is arguably the primary concern for electric car shoppers. If you were looking for a conventional car, you’d assess the number of miles on the odometer to gauge the quality of the engine. Similarly, the mileage on an EV may provide insight into the battery pack’s longevity.
This also plays a big role in the cost of ownership. Degrading batteries are less effective at holding a charge. You’ll spend more money on electricity and more time at charging stations.
Manufacturers extend a warranty for their batteries. Terms will vary from one automaker to another, but they often guarantee a certain level of performance during the coverage period. Understand these terms before you commit to buy, and make sure the warranty is transferable to you as the next owner.
Consider Where You Live
Your location may help determine whether an EV — new or used — is a good fit. As previously mentioned, make sure you have consistent access to a charging station, whether it’s at home or somewhere along your normal commute.
In addition, you should also consider the climate. Do you live somewhere with extreme temperatures? Hot weather can compromise the quality of your charging sessions, and limit the time of day you should charge up. Alternatively, frigid temperatures and harsh winters can zap energy from your battery as you drive. It may take longer to charge up than it would in more moderate weather.
A few hot/cold days throughout the year won’t make a significant difference, but if you live in a region with long seasons of severe weather, it may be more difficult to maintain battery health.
Is it Worth it to Buy a Used EV?
Whether or not buying a used electric car is “worth it” depends on your unique circumstances and priorities. There are significant cost savings available if you choose the used EV route. The modern technology, safety features, and environmental benefits are all noteworthy advantages.
However, you’ll want a thorough inspection of the battery’s health before you decide on a certain make and model. This is a critical component of an EV, and it will still deteriorate over time. Also, consider the charging infrastructure in your area. Are there lots of charging stations nearby? Can you have one installed on your property? Reliable and easily accessible charging options can make owning an EV more convenient in the long run.
Best Used Electric Cars
The following electric cars offer the best overall value, safety, and driving performance when purchased new. We believe these are also the highest quality options on the used market.
- Chevrolet Bolt EV: $15,000 – $30,000
- Nissan Leaf: $6,500 – $24,000
- MINI Cooper: $21,000 – $37,000
- Volkswagen e-Golf: $10,000 – $25,000
- Fiat 500e: $8,000 – $16,000
How Many Miles is Too Many for a Used Electric Car
The answer to this question will vary from one model to the next, and it’s solely dependent on the battery pack. It powers the electric motor that makes the car move. When the battery starts to decline, you’ll notice reduced range distance and more frequent recharging.
Automaker warranties for EV batteries last for 8 years/100,000 miles — whichever milestone you reach first. Some manufacturers exceed the typical warranty period. Still, check the terms and conditions carefully to ensure the warranty is transferrable across different owners. Either way, if the battery is reaching that 100,000-mile mark, you may want to consider other options.
