Used Electric Car Prices Are Falling: How to Take Advantage

Published on August 28, 2024By Laura M. (Contributor)

Since the electric car (EV) market is so new, it's exciting to see a fresh trend shaping up as 2019 approaches: Used EV prices are dropping! It also presents a golden opportunity for new blood who fancy trying driving on electricity without the higher cost of buying a brand-new car. With more used electric cars out there, you can also score some fantastic prices making now is an excellent time to buy a second-hand EV. Find out how you can capitalise on this trend and cater to a used electric car investment.

1. Explaining The Decrease In Used Electric Car Prices

More supply: The sheer increase in the number of electric vehicles onto used car lots over the last decade is going to play into our argument for increased deprecation. The number of used EVs coming to market is multiplying as early adopters who bought new models are now selling or trading them in for updated versions.
Electric Vehicles Maturing Quickly: Electric vehicle technology is progressing rapidly, and every successive model offers increased range, quicker charge times, and more innovative features. This, of course, means some older EV models are retaining even less residual value as buyers flood to new units loaded with the latest and greatest tech.
Incentive Expiration: A number of early EVs got a great deal because they were buoyed by government incentives, like tax credits and rebates. When these incentives fall by the wayside or are teed up to start phasing out, it can drop the resale value for those vehicles—and push used EV prices overall even lower (as noted in a Society of Automotive Analysts virtual roundtable this spring).
Declining Demand for Earlier Models: As EVs come more into the mainstream, and it has become a little easier to buy them used (and that is outpacing NEw), but still not overwhelming as people have main concerns regarding battery life, range, etc. Less demand means you probably have to lower your price a bit more aggressively when selling on the used market.

2. Let Me Tell You The Reason Why This Is A Perfect Time For Your Used Electric Car Purchase

Affordable: As pricing of new cars fall, and old used EVs on the second-hand market are starting to close in that affordability. So you can almost always find a lightly-used, low-mileage EV for half the price of new.
Reduced Depreciation: As the dramatic early depreciation has taken place, you can pick up a much better financial proposition if you buy second-hand. Your new vehicle is not expected to depreciate swiftly in the initial timelines.
Environmental: While a used electric car does not need fuel production, the manufacture of an EV takes huge amounts of energy which in some instances mean its total emissions over time are as high or higher than averearge petrol cars( lifecycle calcuations) however one can see owning a zero emsission vehcile for longer by buying it preowned means you keep extra zeros on your local environment. With the above, eco-friendly customers will have a bigger reason to feel more responsible about their carbon footprint.
Future Savings aside: The advantages of owning a used EV are still much the same as new ones, with lower fuel bills and less maintenance costs (as there are fewer moving parts) plus potential savings on taxes or tolls in places that provide incentives for electric vehicle owners.

3. How to shopping for used electric cars

The most important part of an electric car is its battery. Ask the seller about structure charge of battery i.e. current capacity vs when new And since many have warranties on the battery, find out if yours is within that.
Range: Do the math on how far an EV goes when you intend to buy a fourteen-year-old version. Compare that with what you drive every day—with cold feet—everything at max or ac blasting, etc. Since its an older model, it may have a battery range of less than some newer models so make sure the exposure works for your needs.
Charging Options: You will want to see what kind of charging the used EV is capable of, i.e. can it perform a quick charge and also which type(s) of port does it use for charging? Factor in Avg Price (KWh): How well do charging options of the vehicle being considered match up with available stations on offer around you?
Maintenance History : Ask for maintenance history of the used EV just to make sure it has been maintained well Search for battery checks, software updates or just the regular keeping of it. EVs can last ages when properly maintained
Manufacturer Warranty: Check if the used EV is still covered under any of the manufacturer warranty, specifically on battery. Most EVs offer long battery warranties, to some relief of buyers worried about expensive fixes down the line.
Vehicle History Report: This will provide you with a detailed overview of the vehicle´s history, such as whether it has been involved in any accidents or undergone repairs which could potentially affect its status and/or value. Some services (like Carfax or AutoCheck) can give you much more detailed history reports on used vehicles.

4. Where to Look for Used Electric Car Bargain?

Online Marketplaces: Websites such as Autotrader, Cars. com, and TrueCar are good places to start looking for a used EV. These results are filterable by make, model, price and location so you can narrow down the perfect vehicle at a competitive rate.
Certified Pre-Owned (CPO) Programs: Some automotive brands offer certified pre-owned programs for used EVs. The vehicles are also typically subject to thorough inspections, and in many cases come with extended warranties that provide additional services such as towing. CPO vehicles do tend to cost a little more, though there's some added peace of mind.
Dealerships: go to local dealers that specialize in electric vehicles or offer used fleet of cars. For example, dealers sometimes offer financing options as well as warranties and will provide you with a trade-in value for your current vehicle.
Private Sellers: Working with a private seller can sometimes get you an even better deal, but make sure to be cautious and perform your research ahead of time. Go over the car with a mechanic and check title to ensure that neither is distorted from how they are being presented.
Online Auctions and EV Portals: Certain websites, as well as auction platforms, are electric-vehicle-specific. It can also provide access to a wider selection of used EVs, often at prices that are more competitive as well. Do keep in mind to account for all the associated fees and shipping costs when determining total cost.

5. Negotiating the Best Price

Since the price of used EVs is in decline, you have a lot going for you when bargaining with dealers. We Have The Breakdown Of How To Get That Best Deal:

Research Market Value: Before making an offer, be sure to research the market value of your desired make and model by age, mileage and condition using tools like Kelley Blue Book or Edmunds vaccines.
Prepare to Walk Away: If the seller refuses your price, then it is time for you to walk away. As additional used EVs come over the horizon, it seems you might have another chance to snag a bargain.
Account For Added Expenses: When haggling, account for the price of any OEM equipment upgrades like a home-charging station. If the car needs new tires or other maintenance, ask for a discount based on these things.
Multiple Offers: If considering several vehicles, negotiations can take place using multiple offers gathered from other dealers as well. Giving the seller an idea that suggests anything other than you are desperate for whatever it is they have will allow them to possibly make a better offer, which saves money on your end.

6. Financing and Incentives

While used EVs are only getting cheaper, financing options and incentives could potentially make them even more appealing:

Low-Interest Financing: Electric vehicle financing is often available at highly competitive rates through certain financial institutions, even on pre-owned models. Look For The Best Loan Terms And Pre-ApprovedFor A Stronger Position-esteem
Used EV Incentives: Most government incentives are for new EV purchases, but a few select regions additionally extend those benefits to used electric vehicle buyers as well. These may entail tax credits, rebates or even registration discounts. For whatever is on offer check with your local government or utility provider.
Trade-In: If you have a trade-in, watch for ways to leverage it as part of your discount on the used EV. Also, some dealerships will apply your trade-in value directly towards a down payment or offer you an additional bonus for trading in.

Take-Away: Make The Most of This Opportunity

This means it has never been a better time to switch over into electric driving, given the used prices of EVs continuing to fall. By knowing the market, due diligence in selecting a vehicle and cashing in on deals and incentives for used EVs you can get yourself into an affordable high quality electric ride that meets your driving needs.

Whether you are eco-conscious, a savvy spender in the long run or just love new technology — choosing to buy your used electric car is representatively smart and modern. However, in a constantly shifting market you never know how long this opportunity will last so make hay while the sun shines and drive off happy in an environmentally friendly budget wheels.