As the electric vehicle market grows, more car buyers are considering pre-owned EVs instead of paying top dollar for a new one. Used vehicles are one of the best ways to save money on a car purchase, and EVs are no different. Here’s why the used EV market is a perfect place to find your next ride.
A Used EV Can Save You Money!
Electric vehicles, in general, have lower operating costs than gas-powered vehicles. So, if you buy a used one, you not only save upfront on the cost of the vehicle, but you’ll keep saving throughout the years of ownership. EVs are cheaper to maintain since they have fewer moving parts than gas vehicles. You don’t have to pay for regular oil changes when you drive an EV, and charging is usually less expensive than filling up a gas tank.
Reduced Depreciation – Let Somone Else Take That Hit
Depreciation is alive and well with EVs. Just like when you buy a gas-powered vehicle when buying a new one, the depreciation hits as soon as you drive it off the dealership lot and continues for the first two years. Buying used vehicles that are just a few years old can save you this loss of value.
There are Still Tax Incentives for Used EVs
If you buy a qualified used electric vehicle from a licensed dealer, you might be eligible for a tax credit. The used clean vehicle credit is 30% of the sale price, up to $4,000. Qualifying for the credit is fairly easy. You just need to be the person who purchased the used vehicle and not be the original owner. As long as you’re not a dependent, have not claimed a used clean vehicle tax credit in the three years before you purchased the vehicle, and meet income requirements, you’re probably eligible for the credit.
EV Batteries Are Better Than Ever
One thing that may be preventing some buyers from choosing a used electric vehicle may be concerns about the battery. Like batteries we use around the house, EV batteries degrade over time. However, most EV manufacturers are designing their batteries to maintain their capacity for longer than ever. Modern EV batteries have advanced technology, such as thermal management, that provide only minimal degradation over time.
You Can Help the Environment With a Used EV
If you’re thinking about making the switch to electric power but still have concerns about how charging and battery production affect the environment, EVs are still the better choice if you want to drive greener.
Electric vehicles do not produce any harmful tailpipe emissions while you’re driving, and if the power plant in the area where you’re charging uses renewable energy to produce electricity, there’s no pollution there, either.
EVs do have a larger carbon footprint during the building process because they are more complex, but they make up for this within the first year and a half of driving. This means if you’re shopping for used vehicles, you’re doing even more for the environment over buying a brand-new electric vehicle.
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