A 2019 pre-owned Nissan Leaf SV on the lot in 2022 during the chip shortage that depleted stock of new auto inventory.
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Affordable EVs have been on sale in the U.S. well over a decade and the data analytics company Experian says about 2.2 million were on the road at the end of last year. Electric vehicle sales keep growing, too. As recently as 2021, total battery-powered electric vehicle sales in the U.S. were under 450,000, but Kelley Blue Book says sales surpassed 800,000 in 2022 and are expected to top one million this year. While the used EV market is still very small, the growth trajectory of EV sales means shopping for a used electric vehicle will become more common and get easier over time, and encompass more make and model choices.
In many ways, shopping for a used electric vehicle is the same as looking for any other used car or truck. Does it meet your budget and fit your lifestyle? Is it reliable and comfortable? But, beyond those criteria, there are some specific considerations EV shoppers have to make related to charging options and range.
Here are some of the key EV-specific issues to consider.
Charging remains limited in many areas
There are currently about 145,000 gas stations in the U.S., but only 53,000 public charging stations. Though charging infrastructure is improving, it’s still limited in many parts of the country, which could be be an issue for someone looking to go electric. While this is an issue for any EV purchase, new or used, it’s fundamental to understand before getting into how it informs a used EV purchase decision.
Consumers should determine what kind of range they need, then research EVs that meet it, said Tom McParland, a writer for Jalopnik who runs the vehicle-buying service Automatch Consulting. They also need to account for what sort of charging infrastructure is available in their area and if home charging is feasible, he said.
Chris Harto, the senior energy policy analyst for Consumer Reports, noted that shoppers should set realistic expectations. “Ask yourself where and when you’ll be charging,” he said. “If your answer is that you have no place to charge it while at home or work, you may want to consider a broader range of car types, including hybrids, which can offer outstanding fuel economy and low maintenance costs.”
Your driving, mileage habits matter
Some expensive EVs boast such impressive range that charging infrastructure may never be an issue, such as the Lucid Air (EPA range estimate: up to 516 miles) and the Tesla Model S (up to 405 miles). More affordable electric vehicles tend to have shorter ranges, though.
Battery electric vehicles with list prices under $35,000, such as GM‘s Chevy Bolt EV and the Hyundai Kona Electric, have EPA ranges of nearly 260 miles but are unlikely to make it that far in real-world driving conditions. This is especially true in cold weather, which can interfere with the electrochemical reactions inside batteries.
EV range will decline
This is where the general battery considerations in going electric become a more specific concern. A EV’s range is likely to degrade over time.
Batteries can lose 5% to10% of their power in the first five years and keep degrading after that due to a variety of factors, including age, exposure to temperature extremes, and use of fast charging. If the degradation is excessive, you might need to repair or replace the battery, which can get costly.
Batteries also are one of the most expensive parts of an EV and can cost over $10,000 to replace, but federal rules mandate that they’re covered under warranty for at least eight years or 100,000 miles, so shoppers looking at a lightly used BEV probably still have some coverage left. Plus, even a well-used battery may still have enough capacity to meet your needs.
Precise battery life is hard to measure
Determining the exact condition of a used BEV’s battery can be tricky – the U.S. auto industry does not have a standard set of metrics to measure it. But there are still ways to get a general idea of a battery’s health.
Recurrent, a Seattle startup which has teamed with the automotive site Edmunds, offers EV and plug-in hybrid consumers a free prediction of remaining battery life based on statistics it’s gathered on mileage, age, climate, and other factors.
A long test drive can also give you an idea of a battery’s health because you can monitor how quickly it loses charge. This is especially true if it includes sustained cruising at highway speeds, which tends to drain batteries much faster than stop-and-go driving.
As with all used-car purchases, getting a professional inspection can be worth the cost. “I generally recommend consumers visit service departments at dealerships that sell [EVs]” said Ronald Montoya, Edmunds’ senior consumer advice editor. “Compared to independent mechanics, you can be certain that dealership mechanics have been trained on [EVs] by the manufacturer,” he said.
Electric vehicles lose value faster, but upkeep is less
EVs generally depreciate faster than ICE vehicles, according to Kelley Blue Book. The automotive research company says that three-year-old EVs hold 63% of their value compared to 66% for vehicles using internal combustion. Depreciation at five years is even more pronounced, with EVs holding 37% of their initial value and ICE vehicles 46%.
This depreciation can make used EVs a good deal compared to buying new, but don’t be surprised if the price is still high – many electric vehicles are expensive to begin with.
The average used EV sold for $42,895 in March, noted Kelley Blue Book executive editor Brian Moody. That’s down 1.8% from February, but still significantly higher than the used vehicle market overall, where prices averaged a little over $27,000 in the first quarter.
Low maintenance and upkeep costs can help make up for the higher purchase price, though. Consumer Reports found that EVs cost about half as much to repair and maintain as gas-powered vehicles. “[EVs] don’t have fluids to change, and electric motors are less complicated than gasoline and diesel engines” noted Benjamin Preston, an autos reporter for the organization. “Simply put, there’s less that can wear out.”
He pointed to a recent study showing that EVs cost less to own over time than gas vehicles. The study found that used EVs can save even more than new ones. That’s because depreciation takes a bite out of the EV price premium, but used buyers still get the same fuel and maintenance savings.
Tax credit qualifications for used EVs
In addition those benefits, a used EV can qualify for state and federal incentives.
Used EVs (plus plug-in hybrids and fuel-cell vehicles) purchased for up to $25,000 from a licensed dealer can qualify for up to $4,000 in federal tax credits. Learn more from the IRS.
Higher-priced models are often the better value in the used car market.
“The luxury [EV] space is where buyers will find the best value for their dollar, especially in the sedan segment,” McParland said. “If you look at models like the Audi e-tron GT or Volvo S90 T8 PHEV you can really take advantage of some depreciation.”
Luxury vehicles often depreciate faster than the mainstream market, he said, adding that the changes in federal tax credits are also impacting the luxury EV market. (Among other requirements, federal tax benefits for new plug-in hybrids, fuel cell and full battery powered EVs only apply to SUVs under $80,000 and cars under $55,000.)
Another attractive option is Tesla’s Model 3, which boasts plenty of room for a family of four and up to 358 miles of range. Used Tesla prices have been dropping since 2022, and pre-owned Model 3s were selling for less than $43,000 in the first quarter.
For shoppers on a budget, the best deals are models including the Chevrolet Bolt EV, Hyundai Kona Electric and the Kia Niro EV, which offer a good mix of range and relative affordability, according to Montoya.
“The best values are the electric cars that are either old and out of warranty and those that were inexpensive – relatively – when new,” Moody said.
Senate Republicans are threatening to hike taxes on clean energy projects and abruptly phase out credits that have supported the industry’s expansion in the latest version of President Donald Trump‘s big spending bill.
The measures, if enacted, would jeopardize hundreds of thousands of construction jobs, hurt the electric grid, and potentially raise electricity prices for consumers, trade groups warn.
The Senate GOP released a draft of the massive domestic spending bill over the weekend that imposes a new tax on renewable energy projects if they source components from foreign entities of concern, which basically means China. The bill also phases out the two most important tax credits for wind and solar power projects that enter service after 2027.
Republicans are racing to pass Trump’s domestic spending legislation by a self-imposed Friday deadline. The Senate is voting Monday on amendments to the latest version of the bill.
The tax on wind and solar projects surprised the renewable energy industry and feels punitive, said John Hensley, senior vice president for market analysis at the American Clean Power Association. It would increase the industry’s burden by an estimated $4 billion to $7 billion, he said.
“At the end of the day, it’s a new tax in a package that is designed to reduce the tax burden of companies across the American economy,” Hensley said. The tax hits any wind and solar project that enters service after 2027 and exceeds certain thresholds for how many components are sourced from China.
This combined with the abrupt elimination of the investment tax credit and electricity production tax credit after 2027 threatens to eliminate 300 gigawatts of wind and solar projects over the next 10 years, which is equivalent to about $450 billion worth of infrastructure investment, Hensley said.
“It is going to take a huge chunk of the development pipeline and either eliminate it completely or certainly push it down the road,” Hensley said. This will increase electricity prices for consumers and potentially strain the electric grid, he said.
The construction industry has warned that nearly 2 million jobs in the building trades are at risk if the energy tax credits are terminated and other measures in budget bill are implemented. Those credits have supported a boom in clean power installations and clean technology manufacturing.
“If enacted, this stands to be the biggest job-killing bill in the history of this country,” said Sean McGarvey, president of North America’s Building Trades Unions, in a statement. “Simply put, it is the equivalent of terminating more than 1,000 Keystone XL pipeline projects.”
The Senate legislation is moving toward a “worst case outcome for solar and wind,” Morgan Stanley analyst Andrew Percoco told clients in a Sunday note.
Trump’s former advisor Elon Musk slammed the Senate legislation over the weekend.
“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country,” The Tesla CEO posted on X. “Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.”
Is Nissan raising the red flag? Nissan is cutting about 15% of its workforce and is now asking suppliers for more time to make payments.
Nissan starts job cuts, asks supplier to delay payments
As part of its recovery plan, Nissan announced in May that it plans to cut 20,000 jobs, or around 15% of its global workforce. It’s also closing several factories to free up cash and reduce costs.
Nissan said it will begin talks with employees at its Sunderland plant in the UK this week about voluntary retirement opportunities. The company is aiming to lay off around 250 workers.
The Sunderland plant is the largest employer in the city with around 6,000 workers and is critical piece to Nissan’s comeback. Nissan will build its next-gen electric vehicles at the facility, including the new LEAF, Juke, and Qashqai.
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According to several emails and company documents (via Reuters), Nissan is also working with its suppliers to for more time to make payments.
The new Nissan LEAF (Source: Nissan)
“They could choose to be paid immediately or opt for a later payment,” Nissan said. The company explained in a statement to Reuters that it had incentivized some of its suppliers in Europe and the UK to accept more flexible payment terms, at no extra cost.
The emails show that the move would free up cash for the first quarter (April to June), similar to its request before the end of the financial year.
Nissan N7 electric sedan (Source: Dongfeng Nissan)
One employee said in an email to co-workers that Nissan was asking suppliers “again” to delay payments. The emails, viewed by Reuters, were exchanged between Nissan workers in Europe and the United Kingdom.
Nissan is taking immediate action as part of its recovery plan, aiming to turn things around, the company said in a statement.
The new Nissan Micra EV (Source: Nissan)
“While we are taking these actions, we aim for sufficient liquidity to weather the costs of the turnaround actions and redeem bond maturities,” the company said.
Nissan didn’t comment on the internal discussions, but the emails did reveal it gave suppliers two options. They could either delay payments at a higher interest rate, or HSBC would make the payment, and Nissan would repay the bank with interest.
Nissan’s upcoming lineup for the US, including the new LEAF EV and “Adventure Focused” SUV (Source: Nissan)
The company had 2.2 trillion yen ($15.2 billion) in cash and equivalents at the end of March, but it has around 700 billion yen ($4.9 billion) in debt that’s due later this year.
As part of Re:Nissan, the Japanese automaker’s recovery plan, Nissan looks to cut costs by 250 billion yen. By fiscal year 2026, it plans to return to profitability.
Electrek’s Take
With an aging vehicle lineup and a wave of new low-cost rivals from China, like BYD, Nissan is quickly falling behind.
Nissan is launching several new electric and hybrid vehicles over the next few years, including the next-gen LEAF, which is expected to help boost sales.
In China, the world’s largest EV market, Nissan’s first dedicated electric sedan, the N7, is off to a hot start with over 20,000 orders in 50 days.
The N7 will play a role in Nissan’s recovery efforts as it plans to export it to overseas markets. It will be one of nine new energy vehicles, including EVs and PHEVs, that Nissan plans to launch in China.
Can Nissan turn things around? Or will it continue falling behind the pack? Let us know your thoughts in the comments below.
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Elon Musk said just a few weeks ago that betting on Tesla delivering its promised Robotaxi in June is a “money-making opportunity,” and yet, those who listened to him just lost big.
A fan of Musk lost $50,000 betting on Tesla Robotaxi.
With the rise in prediction markets, you can bet on virtually everything these days.
Sites like Polymarket have about a dozen prediction markets related to Tesla, where anyone can bet on events such as Tesla delivering its robotaxi service.
Less than two weeks ago, the market gave Tesla only a 14% chance of launching the service, and Musk called it a “money-making opportunity.”
At the time, less than $500,000 was traded on this market, but Musk made it way more popular.
Now, over $7 million has been traded on this market, and while Tesla claims to have launched its Robotaxi service on June 22nd, the market currently gives Tesla less than 1% chance today, with less than a day left in June.
Each prediction market has clear “resolution” rules and Musk evidently didn’t read them before suggesting there was money to be made betting “yes”:
This market will resolve to “Yes” if Tesla publicly launches a fully driverless taxi service by June 30, 11:59 PM ET. Otherwise, it will resolve to “No.”
Any service that allows a member of the general public to summon and ride in a Tesla vehicle operating without any human—onboard or remote—actively controlling the vehicle will count. A human may be present in the vehicle or monitoring remotely for emergency intervention, but they must not be physically positioned to take control (for example, no safety driver in the driver’s seat) and must not actively steer, brake, accelerate, or otherwise drive the car under normal operation.
A program that is restricted to Tesla employees, invite-only testers, closed-beta participants, factory self-delivery features, or the mere release of Full Self-Driving software for private owner-drivers will not qualify. Regulatory permits or approvals, press demonstrations, and prototype unveilings without live public ridership likewise will not count toward resolution.
This market’s resolution source will be a consensus of credible reporting.
There are a few things in the resolution that disqualify what Tesla launched on June 22nd. First off, there’s a human inside the vehicle ready to take control with their finger on a kill switch. We have already seen interventions from the in-car Tesla supervisor, who are still very much necessary.
Secondly, the resolution requires a launch that is not restricted to an invite-only basis, which is currently the case.
The level of remote operations could also prove challenging to confirm, and it is part of the resolution.
Electrek found someone who lost $50,000 following Musk’s “money-making opportunity”:
Someone else has lost $28,000 and is now betting another $27,000 that Tesla will achieve this by the end of July.
Currently, Polymarket‘s odds only put a 21% chance of Tesla delivering on the service based on the previously mentioned resolution before August:
With Polymarket, users are not really “betting” on an outcome, but they are trying to beat the current odds by buying shares in “yes” or “no”, which they can sell to other users before the end of the timeline.
Electrek’s Take
It’s quite amusing that Musk was so confident people would believe in his Robotaxi that he didn’t bother to investigate what other people think an actual robotaxi service would entail, like in the Polymarket resolution.
Historically speaking, you are way better off betting against whatever timeline Musk claims about self-driving. He has been consistently wrong about it for a decade now.
Polymarket even has a market about Tesla launching unsupervised self-driving in California this year. I threw some money in that one because California has much stricter regulations when it comes to self-driving, and it requires a lot of testing before being deployed, as described in the resolution.
I doubt Tesla can go through that this year, but it’s not impossible.
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