When Will Used EVs Be A Good Deal?

  • June 19, 2024
  • 3 min read

Increasing Availability of Used Electric Vehicles
Used electric vehicles are now starting to become a pretty serious option for bargain hunters. Things like, uh, Hertz, uh, are selling thousands—tens of thousands—of vehicles, depressing the market. More inventory available on new vehicles is depressing the market, so the used EVs as a consideration is starting to become maybe something to look at.

Factors to Consider Before Buying
According to this article from Popular Science, should you buy one? And the answer is it depends, but it’s definitely worth looking at. Whether you should buy one or not depends on your particular scenario. How you’re going to use the car—is it going to be a commuter vehicle, a second vehicle? Uh, do you need the range? But more importantly, how does it fit your budget?

Cost Comparison with Gasoline Vehicles
You may now find that a used EV is cheaper than a comparable gasoline vehicle. And if you’re only going to use a vehicle around town, running errands, back and forth to work, it may be a way to go because you’re also going to save on daily driving costs.

Additional Expenses to Consider
However, it’s very important to keep in mind that the price you pay for the vehicle and your fuel cost are only two of many expenses for that vehicle. You have insurance, so check your insurance to make sure it’s not higher. Some EVs have higher insurance rates. Check your depreciation for that vehicle, right? If you, no matter how cheap you buy a car for, if it depreciates faster than another option, you’re going to lose money in the long run.

Charging Costs and Convenience
Also, make sure that you’re not going to have to do a lot of paid charging in parking lots because that’ll cost you more than charging overnight at your house. If you’re able to top off your charge every night at your house and that keeps you going throughout the day, you’re good to go. That’ll save you some money, but if you’re going to have to top off at, you know, the grocery store or, you know, on longer trips, then it may eliminate a lot of the savings.

Incentives and Installation Costs
Also, look to see if your state has specific incentives or rebates for used EVs. A lot of them do. And whether or not it’s going to cost you a lot of money to put a plug charging station in your garage. There’s ways to do it that are pretty cheap, but make sure you take all that into account.

Final Considerations
Either way, you can check out the link below to get some idea of what used EVs are selling for to see if it matches what your car shopping interests are or your intentions are for having your next vehicle.

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