The biggest question many car buyers ask themselves before heading to the car dealership is whether they want to shop for new or used cars.
The same question is true if you’re thinking about driving home in an electric car. Is buying a used EV a good idea? It all comes down to your budget and your expectations.
Are There Any Tax Benefits?
One of the big benefits of buying a new EV is the tax benefits. The $7,500 federal income tax credit for most new EV is only available for the initial purchase. When you buy a used EV, you’ll miss out on this benefit, but there may be others available. The Inflation Reduction Act allows used EV buyers to get up to 30% of the sale price up to $4,000 on eligible used electric vehicles.
Some states also offer some incentives. There may be some discounts when it comes to registering an electric vehicle, and you might be able to take advantage of a tax credit for getting an electric car charging station installed at your home. If you live in the city, check to see if your city offers free municipal parking for EVs.
Used EVs Are Often in Good Condition
Electric vehicles have fewer moving parts than traditional gas-powered vehicles, which means there are fewer parts to break. You’ll also find that used EVs have fewer miles on the odometer than other used cars, resulting in less wear and tear on all the components, including the suspension, tires, and brakes. With the limited range of EVs, people just don’t drive them as far.
Even a used electric vehicle will require less regular maintenance than a used gas-powered vehicle. You can save money on trips to the service station each year.
What About the Battery
There is the possibility of the battery’s performance diminishing, especially in the earlier EV models. The good news is most batteries come with an eight to ten-year warranty, and most stay under warranty for up to 100,000 miles or more. They are designed to last ten years or more, and their large size means it takes longer for them to degrade. When shopping for a used EV, keep in mind that it can cost anywhere from nothing to replace a battery that’s covered under warranty to upwards of $20,000.
While the battery is something to consider when shopping for used EV cars, it doesn’t need to be the only factor. Just because it’s near the end of the warranty, it doesn’t mean the battery will quickly start degrading. Some Tesla batteries, for example, will deliver peak power for over 300,000 mi
Changing Technology
Buying a used EVs can help you save money on a vehicle that is more eco-friendly than used cars with gas engines. The technology used to build batteries is constantly changing and evolving, which can mean range is increasing with each new model. You also want to check into your state’s tax incentives. If they are significant, buying a used EV might cost about the same as a new one.
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