Automotive News

Used Electric Vehicles: Why Now Is the Time to Buy

Electric vehicles offer a comfortable, quiet, and energy-efficient means of transportation. Some even come loaded with the latest in safety technology. On top of that, these cars reduce greenhouse gas emissions and petroleum dependence. With fewer moving parts than gasoline-powered cars, electric cars are longer-lasting and more reliable.

While a new electric car will set you back thousands of dollars, you still have the option of getting a used one at much cheaper prices. Here’s why this might be the perfect time to buy a used electric car;

Electric cars are now a bargain

You might be looking to get the benefits of an electric car but don’t have the budget for a new one. That shouldn’t discourage you. You can now get your hands on a used electric vehicle for less than $15,000.

Currently, a 2015 Leaf can be yours for roughly $10,475 at auction. This considerably less than its $30,000 retail price. Jalopnik stated that a Cadillac ELR that was formerly being sold at $75,000 could be bought for $25,000. While a 2016 BMW i3 would set you back $43,395 when new, it can now be all yours for $17,400.

It doesn’t stop there. Other used electric options include the Volkswagen eGolf and the Ford Focus Electric. Both cars offer a fun driving experience at bargain prices. You also have the option of hybrid models like the Ford Fusion Energi and the Chevrolet Volt.

While a used electric car won’t have the same range as a new one because of battery degradation, it will still be capable of delivering quality performances. Consumer Reports found the comfortable ride offered by the 2015 Leaf similar to that of more luxurious sedans. On top of that, the car’s low operating costs make it reliable as well.

More supply than demand

Why are there so many used electric vehicles available at low prices? According to TrueCar’s chief analyst, Eric Lyman, there is too much inventory in an environment that currently has low demand. This, ultimately, is the reason for the low values.

The last few years have seen a combination of low gas prices and the growing popularity of trucks and SUVs among consumers. This has seen the supply of electric vehicles exceed the current demand.

While this has presented a great opportunity for consumers to get their hands on electric vehicles, it’s best to weigh electric cars’ advantages and disadvantages to decide whether to purchase a used model or a brand new one.

Benefits of used electric vehicles

The biggest advantage of buying used is probably the lower price points. On average, used electric cars cost 43-72% less than brand new ones. This makes these cars a great bargain.

Despite the low prices, you are still able to get a car that will deliver quality performances. Due to fewer moving parts, electric cars have fewer chances of breaking down. Because of this, even used electric cars will come in great condition and require minimal maintenance.

Setbacks of used electric vehicles

Used electric vehicles come with diminished battery performances that you will not have to deal with if you buy a new model. On top of that, there will be further battery uncertainties since it is difficult to determine how much the battery has diminished during the electric car’s use.

Not to mention, buying a used electric car will mean having a car whose technology is either already outdated or will be in a few years. Rapid advancements in technology will shorten that time even further.

Buying an electric car has never been more affordable. While a used one will not reach the performance heights new electric vehicle models are currently achieving, you still get to enjoy most of the benefits that come with owning an electric car.