If you’re in the market for a used electric vehicle, there are a few things you’ll want to keep in mind. With the cost of new EVs on the rise, more and more drivers are looking to save money by buying used. However, there are a few potential pitfalls you’ll want to avoid.
This blog post will outline 10 things you should consider before purchasing a used EV. Start your search by finding out what you can expect to get a loan and the monthly payments you’ll have. Use an auto loan calculator to work on your budget before applying or your pre-approval and choosing a car to purchase.
Range
One of the biggest concerns for EV drivers is range anxiety—the fear that your vehicle will run out of charge before you reach your destination. Check the car’s advertised range against real-world driving conditions when considering a used EV. You can find this information online or by talking to the previous owner.
Battery Degradation
A used EV’s battery will have already degraded from the day it was first driven off the lot. As batteries degrade, they lose their ability to hold a charge, reducing an EV’s range and increasing charging times. Be sure to ask the previous owner about the battery’s condition and the range loss they’ve experienced over time.
Maintenance Costs
Electric vehicles require less maintenance than gasoline-powered ones, but they’re not immune from repair bills altogether. When considering a used EV, be sure to factor in the cost of any necessary repairs or replacements (e.g., batteries, tyres, brakes). You may be able to get a sense of these costs by reading online reviews or speaking with a mechanic familiar with EVs.
Depreciation
All vehicles depreciate over time, but EVs lose value faster than other types of cars. This is partly due to advances in battery technology—as newer EVs hit the market with longer ranges and faster charging times, older models become less desirable (and less valuable). If you’re thinking about buying a used EV, be prepared for it to lose value more quickly than other types of cars.
Resale Value
Similarly, your used EV may be more complicated to sell than other types of cars. Especially if it’s an older model with a shorter range and slower charging times. If you’re not planning on keeping your EV for the long haul, this is something to keep in mind when negotiating prices with the seller.
Charging Infrastructure
One of the challenges of owning an EV is finding places to charge when you’re away from home. When considering a used EV, research the availability of public charging stations in your area (and along your usual routes). You may also want to invest in a home charger to charge your vehicle overnight.
Tax Credits and Incentives
Depending on where you live, tax credits or other incentives may be available for owning an electric vehicle (EV). These can offset the initial purchase cost and make owning an EV more affordable in the long run. However, these credits and incentives are typically only available for new EVs, not used ones.
Performance
EVs are known for their excellent performance—they’re quiet, smooth, and fun to drive! However, older models may not live up to today’s standards regarding acceleration and handling. If performance is important to you, test-drive any used EVs you consider before purchasing.
Used vs. Certified Pre-Owned
When buying a used car, EV or otherwise, you have two main options: buying from an individual seller or going through a dealership’s certified pre-owned (CPO) program. CPO programs typically include additional benefits like warranty coverage and roadside assistance but also come at a higher price tag. Be sure to weigh your options carefully before making a decision.
Warranty Coverage
Many automakers offer extended warranty coverage for purchased vehicles, including EVs. This coverage can protect you from paying for expensive repairs out-of-pocket, but it typically only applies to new cars. If you’re considering purchasing an extended warranty for your used EV, read the fine print carefully to understand what’s covered.
Make an Informed Decision
Purchasing a used electric vehicle can be a great way to save money, but doing your research first is essential. Keeping these 10 things in mind ensures you get the best possible deal on your next car.
If you’re thinking of switching to an electric vehicle as your next car, then we have plenty of used electric vehicles waiting here at EV Sales to choose from. View our full stock list, and get in touch with our sales team to arrange a viewing.
Call us on: 01634 914063 or email us!
