Buying a Used Electric Car: What You Need to Know
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Buying a used electric vehicle can be an attractive alternative to shopping new. For some budgets, the used-car market is the only realistic place to find an EV: Only a few new electric cars are available for under $30,000, and the lowest-cost option is nearly $10,000 more than the most affordable gas-powered cars.
In addition to thinking about price, shoppers looking for a used EV may have EV-specific questions, particularly about the batteries, how long they last and the cost to replace them. Here’s what you need to know.
Used EVs are cheaper than new, but be realistic
A handful of new EVs cost less than the average new car, but “average” — $48,389 as of May 2024, according to Kelley Blue Book — doesn’t necessarily mean affordable. And yes, used car prices are slowly decreasing, with some of the biggest cuts on used EVs, but high interest rates counteract much of that, leading to stubbornly large monthly payments for anyone who finances their purchase.
Still, used EV prices have continued to depreciate at a faster rate than the average used gas car, according to data from the car search engine iSeeCars.com, with the average used EV priced at $28,767 as of May 2024. This means if you can find an older EV with a lightly used battery that’s still under warranty, it could be a bargain.
However, lower pricing doesn't necessarily mean a used EV is worth buying. Results from Consumer Reports’ most recent annual car reliability survey showed that used EV’s from the last three model years had 79% more problems and worse-than-average reliability ratings than gas-powered vehicles.
Plus, if you buy an EV that is being flipped at a premium that doesn’t qualify for a tax credit (more on this below), it could be a value trap — cheaper than a new EV, but not worth the price you pay.
Factor in possible savings from buying a used EV
Depending on the model, age and condition, a used EVs can cost more upfront than a used gas-powered car. But EVs can also save money in the long run due to:
Incentives and rebates. State and federal incentives might effectively reduce the price of a used EV. For example, the Inflation Reduction Act lets you recover up to 30% of the sale price with a maximum of $4,000, on eligible used EVs.
Maintenance savings. The cost of upkeep on an EV is generally lower than upkeep for a gas-powered car. EVs don’t require oil changes, and they have fewer parts, which means fewer things that can break. EVs also use regenerative brakes, which recapture energy, so their brake pads wear out slowly.
Gas savings. Depending on factors like where you live and what type of vehicle you own, driving an EV could save you upwards of $2,000 in gas costs in one year.
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Used EVs' batteries are important, but not scary
EV batteries are designed to last 15 to 20 years. Over time, however, they’ll lose the ability to fully charge, so an EV’s range will gradually decrease as well. Estimates for the cost of new batteries vary, from $0 (meaning it was replaced under warranty) to $20,000. As a result, someone in the market for an EV could be wary of shopping for a used one.
But battery degradation doesn’t happen overnight, and it won’t leave you stranded by the side of the road.
Nearly all new EV batteries are warrantied for at least eight years or 100,000 miles. In California, EV and hybrid batteries will be covered for 10 years or 150,000 miles by the year 2030, as part of the Advanced Clean Cars II regulations.
If your search is focused on lightly used EVs, there’s a good chance the cars you’re looking at still run on a battery that’s under warranty. But even if the battery warranty is expired, it doesn’t mean the battery is near death.
How to test the battery health of a used EV
An EV’s potential range can be checked by taking these steps:
1. Research the original range. Before you see the car in person, go to the manufacturer’s site to find its listed maximum range. The Environmental Protection Agency also has a searchable database, which can be useful if you’re looking for an older model that has minimal online presence on the manufacturer’s website.
2. Charge up. Ask the seller to have the vehicle’s battery fully charged prior to a test drive.
3. Note the range. Check the range of the fully charged battery on the EV’s mileage gauge. If you can’t find it, ask.
4. Make it a true test. Take the car for an extended test drive. Turn on the air conditioning on and simulate your typical style of driving. The range can be affected by a number of variables. See how it performs under the conditions you’ll throw at it.
5. Check the range again. Note the remaining range at the end of the test drive, and calculate the difference between that number and the beginning range. Compare it to the distance you actually drove, which might require you to map the route you took.
6. Still interested? Consider a used car inspection with a brand specialist or a local EV mechanic.
How concerned should you be if your test drive shows a battery that has lost some charge? That depends. Some manufacturers say a decline of 30% is normal, even when under a typical eight year warranty. But it’s important to consider your specific driving needs and habits. For example, if you expect to put on heavy miles on a regular basis, range will be a priority. But if you plan to use the EV primarily for shorter, daily use (the average driver puts on 39.7 miles per day, according to the most recent data from the Federal Highway Administration) while using a different vehicle for road trips, you might compromise an EV with max range for one with a lower price tag.
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