The electric vehicle (EV) market is on the rise, but it’s still a fraction of the traditional gas-powered car market. However, as EVs become more mainstream, finding a quality used electric car is becoming easier. Whether you’re motivated by saving the environment, cutting down on fuel costs, or enjoying lower maintenance bills, purchasing a used EV is a smart move. Here’s how you can make the most of the growing used EV market.
Used EVs: A Smarter, Cheaper Choice
One of the biggest perks of buying a used EV is the price. New EVs often come with hefty price tags, typically starting around $30,000. But opting for a pre-owned electric car could save you thousands. For example, the average price of a used EV dropped from $40,916 to $28,767 in just one year. Popular models like the Chevrolet Bolt, Hyundai Kona, and Kia Niro are now much more affordable, with prices continuing to trend down as new models flood the market. It’s a great time to shop for a budget-friendly, eco-conscious car.
Tax Incentives and Perks
Used EVs are not just cheaper upfront—they come with an array of incentives that can lower your total cost of ownership. The U.S. government offers tax credits that can return up to 30% of your purchase price, with some models eligible for up to $4,000 in credits. And that’s not all. States like Arizona are ramping up their support for EV buyers with perks like HOV lane access, parking incentives, and tax breaks. These savings add up quickly, making a used EV even more enticing.
Lower Maintenance Costs = More Money in Your Pocket
Say goodbye to oil changes and costly engine repairs. EVs come with far fewer moving parts than traditional gas cars, which means fewer things can go wrong. Their regenerative braking systems also mean the brakes wear down more slowly, saving you money on repairs. In fact, studies show that EV owners can save up to 40% on maintenance costs. Over the long haul, that’s money that stays in your pocket.
Fuel Savings: The Big Win
While the savings from fewer repairs are nice, the real game-changer with EVs is the fuel cost—or rather, the lack of fuel cost. Since electric cars don’t rely on gas, your trips to the pump are history. The National Renewable Energy Laboratory (NREL) estimates that switching from gas to electricity for a 15-year vehicle lifespan can save you up to $14,480. That’s an average of $2,000 per year—money that could be spent on something much more fun than gas!
Battery Health: Don’t Let It Scare You
The fear of a dead battery can be a major concern for anyone considering a used EV. While it’s true that EV batteries degrade over time and can affect the car’s range, most batteries are built to last between 10 to 20 years. Many newer EVs still have warranties covering the battery for up to 8 years or 100,000 miles. If you’re eyeing an older used EV, don’t panic—EV manufacturers offer extended warranties, and battery replacements are becoming less expensive.
How to Check the Health of a Used EV Battery
If you’re eyeing a used EV, it’s essential to assess the health of its battery before committing. Many modern EVs come equipped with diagnostic tools that can give you insights into the battery’s State of Health (SoH), which indicates its charge capacity compared to when it was new. Here’s how you can evaluate the battery’s health:
- Do Your Homework: Check the manufacturer’s specifications to understand the car’s expected range and energy usage.
- Get a Full Charge: Before heading out for a test drive, ask the seller to fully charge the battery so you can compare it with the listed range.
- Take a Test Drive: Drive the car as you normally would, and compare the starting and ending range to assess the battery’s performance.
- Real-World Mileage Check: Use Google Maps to track the miles you drive and compare it to the vehicle’s predicted range to make sure everything adds up.
If the battery is still under warranty, you’re golden. But if it’s out of warranty, don’t worry—EV battery replacements are becoming more affordable and are generally priced between $2,500 and $20,000.
Conclusion
With lower upfront costs, fewer maintenance headaches, and significant savings on fuel, used EVs are quickly becoming a fantastic option for drivers who want to save both money and the planet. By paying attention to the health of the battery and taking advantage of incentives, you can make a smart investment in an eco-friendly car that’s easy on your wallet. So, whether you’re looking for your first electric vehicle or upgrading to a newer model, the used EV market offers an exciting opportunity to drive into the future with savings in tow.