With the supply chain disruptions of the Covid-19 pandemic finally easing and more Used EVs from Hertz rental fleets and private owners entering the market, a savvy buyer can now find many enticing deals.
The US federal EV tax credit is available for buyers of used electric vehicles and plug-in hybrids. But that’s a big caveat: The vehicle must be new enough to qualify for the federal credit, which caps at $4,000. If you’re in the market for an older model, you can still take advantage of state-level incentives that could add up to significant savings.
Used EVs: Benefits and Considerations for Buyers
Aside from depreciation, buying a used EV can also save you on maintenance costs. All-electric EVs require significantly fewer routine oil changes, and there’s no need to change the brake fluids because of regenerative braking. And while PHEVs do have internal combustion engines, they’re typically less powerful and thus use the engine for only short periods.
Another important consideration is a vehicle’s battery range. While EVs are designed to last a decade or more, the battery’s range does degrade over time. You’ll want to research the original listed maximum range, and be sure to test drive any used EV with an original battery to see how well it performs.
While some EV owners opt to buy used cars and lease them with a service like Zipcar, others prefer to own their vehicles. Either way, you should consider your commuting habits and evaluate charging options in your area before making a purchase decision.