Shopping for a used EV is a little different from shopping for traditional used cars. However, there are a lot of myths about whether buying a used EV is a good idea. You might have heard horror stories of battery failure and expensive replacement costs, but the truth is, buying a used EV can be a bargain compared to new.
Focus On the Battery
One thing that’s true about shopping for a used electric vehicle is that it’s all about the battery. Focus on the battery of an EV like you would the motor of regular used cars. The difference with the battery is that it’s a lithium-ion battery that will eventually lose its ability to fully charge after a certain number of recharging cycles. When the battery can no longer fully charge, the range of the EV will naturally decrease.
Battery degradation isn’t a quick process, and it probably won’t leave you stranded, but as the EV loses range, it also loses value. Buyers should expect an EV battery to last 10 years or more. If you look at a used EV’s original battery warranty, you can usually figure out when you might start to see battery degradation. In other words, experts say that fears of battery failure on an EV are somewhat overstated. The battery of a Tesla Model 3, for example, is built to deliver full power for over 300,000 miles.
How Much Do EV Batteries Cost?
What happens if the EV battery does degrade to a point where it needs to be replaced? Battery costs for EVs are actually all over the map. If the battery is still under warranty, it probably won’t cost you anything to get it replaced. However, estimates for a new battery can be as high as $20,000. Nearly all EV batteries are under warranty from new for at least eight years or 100,000
miles.
In California, EV and hybrid batteries will eventually be covered for 10 years or 150,000 miles by 2030. It’s also possible to buy a battery for a discounted price from a wrecked EV, or you might find one that has been reconditioned.
Used EV Costs
Compared to traditional used cars, used EVs generally do cost more. EV models less than two years old have an average price of $58,000. However, if the EV is at least four years old, the average price goes down to around $30,000. Despite the higher purchase price, EV owners save money in the long run due to incentives and rebates, lower maintenance costs, and the
cost of gas vs. electricity.
Shopping for a used EV is actually a more transparent process than shopping for traditional used cars. The main factor is the battery. This can be easily checked, however, by finding the maximum range of the EV in question. Then, have the seller fully charge the battery before the test drive. Take the car for an extended test drive with the AC on and generally simulate how you would normally drive. Check the remaining range with the manufacturer’s maximum range to see if it matches.
Just like with traditional used cars, it’s always a good idea to get a used EV inspected by an EV mechanic or brand specialist.
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