How Much are Used Electric Cars and are They Worth It?
Nowadays, it’s common to see electric cars on the road or have electric versions or trims of different car models. Charging stations are slowly becoming as common as gas stations as well due to the continuing popularity of electric vehicles.
Used electric vehicles (EVs) are increasing in popularity with numerous benefits. But are they good purchases? How different are they from buying a gas-powered internal combustion engine (ICE)?
This blog discusses whether used electric cars are worth considering as your next ride. It also discusses what factors determine the value of a preowned EV.
Are Used Electric Cars Worth Buying?
Friendly for the Environment
One of the most significant differences between an electrical and internal combustion vehicle is emissions. Used electric cars don’t produce carbon dioxide emissions like internal combustion engines, allowing them to contribute less to air pollution. Their batteries are instead rechargeable, making them the more environmentally-friendly option.
But how much energy does an electric car use? The average energy consumption of an EV is 0.20 kilowatt-hours per kilometer or 0.32 kWh per mile. An ICE uses under 40 kWh to go 100 miles, while an electric car uses only 30 kWh for the same length.
Require Less Maintenance
EVs are much easier to maintain compared to regular vehicles. Their parts are easy to source and replace, with your biggest concern being its batteries that already have an extensive warranty and prolonged lifespan for your convenience.
Some dealerships offer certified pre-owned electric cars for your greater peace of mind. They also have perks and benefits, such as roadside assistance and complimentary oil and filter changes.
The typical maintenance schedule of electric cars is about every 7,500 and 22,500 miles for tire rotations and cabin air filter replacements, respectively. Gas-powered internal combustion engine vehicles should replace other components, such as motor oil, spark plugs, brake fluids, and more, during the same duration. These are not particularly cheap parts and can be quite expensive in the long run if you need to change them out frequently.
Smoother Driving Experience
EVs don’t run with an internal combustion engine but a lithium-ion battery, providing a smoother and quieter driving experience. This also means it will have little to no vibrations during operation. The weight of the battery packs also helps with the weight distribution of the car, making most EVs feel more planted and stable while running on the road.
Limited Range
One thing you should know about EVs is their limited EPA range, typically between 75 to 115 miles. You can expect these numbers to be lower in used electric cars as their batteries have already degraded and reduced in quality.
This small range is something you should consider when purchasing a used electric car. EVs aren’t the best vehicle for longer drives. Are you comfortable driving for a limited number of miles? Do you have a place to charge your vehicle once you arrive at your destination? You should consider these factors before getting an electric vehicle for yourself.
Incentives and Resell Value
Electric vehicles are no different from other cars in terms of depreciation the moment they leave the dealership. However, they often lose value faster compared to their regular counterparts due to the available federal tax credit of up to $7,500. While government and local authorities encourage people to buy electric cars, the incentive only applies to brand-new vehicles.
However, this rule may change due to a bill being pushed that provides a $2,500 incentive for used electric car purchases.
How Much Are Used Electric Cars?
The price of a used electric car depends on various factors, such as the following:
Battery Life
Like buying any other pre-owned vehicle, one of the key things to consider in purchasing a used electric car is its battery life. After all, its performance will depend on its power.
Internal combustion engined cars get energy from burning diesel or petrol. Meanwhile, electric vehicles get theirs from packs of batteries. These packs consist of thousands of individual Lithium-ion cells working together to power your ride.
These batteries can be replaced, but you won’t have to worry about that for a long time as they can last up to two decades, depending on your driving behavior. Fortunately, many manufacturers cover 8 to 10 years or 100,000 miles warranties.
We recommend inspecting the battery and its charging system for damage, wear, and how much life is left on it. Replacements cost between $4,000 to $20,000, depending on the model, vehicle make, capacity, and type.
Aging Technology
Vehicles are continually equipped with more technology and gadgets for safety, convenience, and leisure. EVs have cutting-edge tech and features that improve your overall driving experience.
However, like with any other mechanics, constant technological innovations involve older tech becoming obsolete over time. Before bidding on a used electric car, it’s best to test everything, from its safety and comfort features to the infotainment system. Doing so ensures they’ll be in good condition for many years.
Pre-purchase Inspection
Get an expert mechanic that understands how electric cars work to inspect your desired EV after you’ve checked its battery life and technological features. While this type of vehicle has fewer moving parts and generally requires less maintenance, there are still certain issues you must be wary of. After all, you wouldn’t want to experience complications in the long run.
Let the mechanic check the brakes, suspension, and other components of the vehicle. They will be able to assess the vehicle properly and check if it has any notable signs of wear and tear involving its battery condition and other parts.
Bottom Line: You Can’t Go Wrong with an Electric Car
Purchasing an electric car is no different from purchasing a gas-powered internal combustion engine vehicle, whether used or brand new. The entire process requires research to ensure you make the right choice. It’s also best to consult a professional to understand the vehicle's condition fully. Moreover, it helps to test drive it first to know you’re comfortable with its technology and drive systems.
Go Green with a Used Electric Car
Owning an EV gives you an entirely different driving experience. There are many factors to consider before you buy one, such as its limited range and charging needs. However, numerous benefits can immediately outweigh these concerns. For instance, you’ll save more on powering up your ride and maintenance and contribute to a greener earth.
Learn more about how to make the most of your used electric car purchase and get the best vehicle deals when visiting the VIP Automotive Group blog.