Electric vehicles have come a long way since their introduction to the market. However, many people are still hesitant to invest in an EV due to its high cost. This is where the option of buying a used EV comes in. While you may hear horror stories about crazy high electric vehicle battery replacement costs, worries about battery failure, range anxiety, and costly purchase prices, all those factors may make you question if buying a used EV is a good investment for your wallet.
Buying an EV is different from acquiring an ICE car in many different ways. It depends on the condition of the used EV you pick and the price you pay for it. If you can find a used EV with a good battery and in good shape, it may be a steal. On the other hand, while used EVs are typically more expensive than used gas-powered cars, you also need to consider the overall cost of ownership. There are important differences and how they can affect the cost equation, for example, maintenance and fuel costs.
Switching to an EV and finding the ideal used electric vehicle may be challenging. That’s why we’ve put together this detailed guide to assist you in finding the best used electric car for your needs. In this post, we’ll examine whether purchasing a used EV is a good investment for both your wallet and the environment.
The Benefits of Buying a Used EV
Purchasing a used EV has multiple benefits. The most obvious benefit is financial savings. Used electric vehicles are substantially less expensive than new ones. As a result, they are a more affordable choice for people who wish to move to an environmentally friendly vehicle without hurting their wallets. Furthermore, used EVs typically have reduced insurance and maintenance expenses, not to mention gasoline savings on top of these benefits.
Aside from the monetary savings, buying a used EV is also beneficial to the environment. By opting for a used EV over a gas-powered vehicle, you are lowering the environmental impact. EVs emit no emissions, making them better for air quality and the environment in general. Furthermore, by buying a used EV rather than a new one, you help reduce the demand for new EVs, which eventually helps to minimize the manufacture of new EVs and the waste that is created during the manufacturing process.
Considerations When Buying a Used EV
Batteries and warranties
While there are several advantages to buying a used EV, there are certain factors to consider before making the purchase. One of the major considerations with EVs is their battery health. An EV’s lithium ion battery is equivalent to an ICE car’s motor. However, after a number of charging cycles, a battery begins to lose its capacity to fully charge. Batteries deteriorate with time, resulting in decreased performance and range. Before buying a used EV, it is critical to investigate the battery life and condition. Battery deterioration does not occur overnight and will not leave you stranded on the side of the road. However, as the range declines, the EV becomes less practical.
What if the battery fails to the point that it must be replaced? Estimates for the cost of new batteries range from $0 (indicating that it was changed under warranty) to $20,000. Almost all new EV batteries come with a warranty of at least eight years or 160,000 kilometers.
While mainstream EV manufacturers provide battery guarantees that can provide peace of mind, make sure the used EV you are buying still comes with a valid warranty. Alternatively, in the case of a battery replacement, you might be able to find one used from a crashed EV or one that has been refurbished at a reduced price as well.
The resale value of electric vehicles is often below average. Electric and plug-in hybrid vehicles depreciate more quickly than the average gas-powered vehicle, which is excellent news for used EV buyers. However, it is terrible news for vehicle consumers who paid a high price for a new EV. On the other hand, newer, longer-range EVs, such as the Tesla Model 3, outperform earlier instances of electric vehicles with lower range figures. If a used electric car has a range of more than 300 kilometers, it is likely to maintain its resale value better.
So if you are working with a tight budget for used vehicles, you can buy a good, modern electric car with lots of life remaining in it. It depends on where you live, but you might not be able to get an EV incentive for a used EV, while the purchase price is usually low enough that it doesn’t matter, not to mention the money you’ll save on gasoline.
The charging infrastructure is another factor to consider when buying a used EV. Electric vehicles require charging outlets, which might be difficult to come by in some locations.
Do you have a garage where you can charge your car when you’re not at home? Can you charge using a standard outlet, or would you need to install a faster Level 2 charger? A typical 120-volt outlet can charge most used EVs overnight, but a more complex Level 2 charger may drastically shorten charging times. You should also analyze the EV’s range to see if it meets your regular driving needs.
If you live in an EV-friendly city with plenty of public charging stations or if your workplace offers a few charging stations in the parking lot, such bonuses can make EV life easier.
Make Sure The EV Lifestyle Works For You
If you’re looking for a used EV, it’s likely that you’re transitioning from a standard gas-powered car to your first EV. Unless you choose a plug-in hybrid that is also powered by gasoline, the major EV transition requires a lifestyle change with a few factors to consider.
You should consider whether you want an all-electric or hybrid vehicle. All-electric cars utilize only electricity, whereas hybrid vehicles use a combination of electricity and gasoline. If you’re not ready to commit totally to an all-electric vehicle, hybrids might be an excellent alternative
Range anxiety can be another issue. Traveling the distance is continuously being built into new EVs that have a longer range. However, if you’re looking for a used EV, you should consider range. Some older EVs have ranges as low as 150 kilometers. So you must ask yourself if you would be able to manage a car that can only drive 150 kilometers at a time. This will require some research on your part to estimate how much range you will truly require and which used EVs are capable of providing that range. If you have a long daily commute, you might think about getting a used EV with a longer range.
Finally, like with any used car purchase, it is critical to investigate the vehicle’s history before making a decision. Look for a car with a clean history that has been well-maintained. Before making a purchase, you may examine the car’s history by running a Carfax report or having a trustworthy mechanic inspect the vehicle. These steps will provide you with information on prior owners, accidents, and maintenance. This can help you understand what you’re buying and if it’s a good investment.
Buying a used EV might be a wise financial and environmental investment. It is a more inexpensive choice for people looking to move to an environmentally friendly car. You can make an informed decision about whether a used EV is right for you if you do your research and consider all of the factors listed above.
If you’re looking for a used electric vehicle at a reasonable price with a worry-free purchasing process, you have come to the right place.
Carnex allows you to purchase your electric vehicle without ever setting foot in a showroom. You can complete the purchase paperwork and arrange financing 100% online.
Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at Carnex.ca, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.