Should I Buy a Used Electric Car?
Should I Buy a Used Electric Car?
Buying a used electric car is a great choice for many reasons, but similar to new BEVs, you need to consider a vehicle that fits your budget and lifestyle. Here are some key benefits and tips to help with your decision.
Used BEVs can potentially have like-new batteries. Because range degradation can be a common issue with used BEVs, always check the condition of the battery. The best way to tell if the battery is in good shape is to go to a reputable EV mechanic and ask them to run an on-board diagnostic. Keep in mind that the lithium-ion battery packs in BEVs are made to last at least 10 years.
The average electric car might lose 2% of its battery range after two years of driving. The same car might only lose 5% of its range due to battery degradation after five years of service. Plus, the warranty for an electric car battery is generally 8 years or 100,000 miles. There's a good chance that your used BEV will still have its factory warranty.
Always make sure that the range on the electric car you are considering is enough to fulfill your day-to-day transportation needs. That shouldn't be a problem as most electric vehicles have a range of at least 200 miles on a charge today.
As mentioned above, used BEVs have a good chance of still being covered by the factory warranty. Always ask about the vehicle’s warranty! Some automakers provide warranties that could potentially protect the vehicle for battery degradation. Depending on the seller and the automaker, a vehicle may also come with an extended factory warranty that functions identically to the original.
Buying certified pre-owned electric cars comes with a higher chance of scoring the previous benefits. This will likely be a pricier option than non-certified vehicles, but you’ll gain greater peace of mind knowing you secured a safer deal. You might also look into leasing a new electric car. The Chevy Bolt is currently available as a lease for just $107 per month! Most car leases are for three years and by the end of your lease, there will be a whole new world of EV technology coming your way. Imagine electric cars with batteries that will take you a thousand miles before needing recharging. And when you do recharge, it will only take five minutes.
Deals on Used EVs
Used electric cars can be a great deal for several reasons. Most new EVs lose their value quicker than gasoline-powered cars due to federal, state and local incentives that lower the starting price. This is reflected in the used car market. Plus, many BEV shoppers are interested in the very latest tech, making selling a used BEV more difficult. You might be able to find a four or five year old electric car for half of its original sticker price. That's a bargain any way you slice it.
Lastly, electric cars require much less maintenance than gasoline-powered cars. There are fewer moving parts to go bad. There's no oil to change, no belts and hoses to replace, and due to regenerative braking, the brake pads last a really long time. Think of it this way; a three or four year old electric car has usually been driven fewer miles and has less to break down and repair than its fossil fuel counterparts.
For all these reasons and more, buying a used electric car can be a great idea. You'll be saving money and helping the environment to boot.