A Great Time to Buy Used EVs

Though tariffs on autos are coming and will raise prices, right now prices on used hybrids and EVs are dropping and could save you thousands of dollars. Maybe now is the time to get that used green vehicle in your garage.

Buying a Used EV

According to a recent study by iSeeCars, the price on used electric vehicles is falling, down 8.8 percent over the past year. That amounts to $2,993 in average savings for consumers, making the average price of used EVs about $31,000 for cars that are between one to five years old.

Actually, the big drop in used EV prices happened a year ago after losing almost 30 percent, an $11,000 value. The biggest price drop went to Tesla owners. For instance, the famous Model S is now about $9,000 cheaper on the used car lot than it was a year ago. That means you can find a good used Model S these days for around $46K.

The average price for a used Model Y Tesla is down to under 30 grand, about $5,000 lower than a year ago. Meanwhile, the Model 3 offers the biggest bang for your buck, falling 10.9 percent. In fact, a used Model 3 can be had for around $26,000 in today’s market. So now is a terrific time to save on buying a used electric car.

For those of you who have had your hopes high for buying a used Porsche EV, the amazing Porsche Taycan has seen used prices plummet by nearly 13 percent, offering an $11,000 savings from last year, and selling for an average price of $75,644. Believe it or not, some used Taycans have been picked up for as little as $40K.

According to the iSeeCars study, five of the top ten car models with the largest price drops today are electric vehicles and four of those models are Teslas. According to Executive Analyst Karl Brauer, “Multiple factors contribute to a used car’s value, but being an electric vehicle and wearing the Tesla brand appears to be a double negative.”

Tesla’s drop in popular value may well have to do with Tesla CEO Elon Musk’s work with the Trump administration. As the price of new Tesla cars have been dropping for the last two years, this also caused a drop in used Tesla prices. In fact, last year used EVs became cheaper to buy than used gas cars.

Hybrids are Cheaper Too

There are excellent savings on used hybrid vehicles as well. The popular Ford Explorer Hybrid has seen a 14.1 percent drop in used car prices in the last year. You can now save over five grand on this tech packed SUV compared to last year’s prices. The same is true for the performance packed BMW 5 Series Hybrid.

However, this current drop in used car prices is likely to turn around soon due to a lack of inventory. The effect of trade tariffs will begin to affect new and used car prices in the coming months. Many automakers have managed to hold prices for the summer, but tariffs will likely raise the price of new imported cars by 25 percent.

Automakers are each responding differently to tariffs, for instance, Mercedes-Benz and Hyundai have pledged not to raise prices for now, while Ford has raised the prices on its Mustang Mach-E electric crossover.

Also keep in mind that if you are interested in buying a used hybrid or electric vehicle now, the Federal Reserve, which determines interest rates for auto loans, is still on its way down. The Fed has kept rates steady for the last few months.

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