Whether rising fuel costs or concern about the climate are motivating you, there’s arguably never been a better moment to buy a used electric vehicle — even though the Trump administration eliminated the used clean vehicle tax credit last year. When we launched this ongoing series on secondhand EVs, the goal was to find the cheapest options. Now we’re examining the $20,000–$25,000 range, which is well above bargain-basement territory and offers thousands of EVs nationwide.
If you’re only allocating $5,000 for an electric car, you’ll be limited to much older cars with smaller batteries and limited range even when new. At four or five times that amount, though, your choices expand dramatically. Shoppers can afford to be selective here, especially as a wave of ex-lease vehicles starts arriving at dealer lots this year.
It’s helpful for buyers that EVs tend to have lower resale values than comparable gasoline cars. Incentives and advantages that went to the first owner are effectively transferred to subsequent buyers, but Deloitte reports that EV residuals are falling short of expectations. “Many US consumers remain cautious about range, charge time, price, battery replacement cost, and public charging access,” Deloitte notes. Automakers and sales teams will need to do a better job communicating battery life and realistic range to change that perception, the consulting firm says.
That trend isn’t ideal if you’re trying to sell an EV, but it’s advantageous if you’re buying: for the same budget you can often get a higher-spec model, a newer year, or fewer miles than you would with an equivalent gas-powered car.
With a $25,000 cap, you can also start to be choosier about the badge on the nose: do you want a mainstream model with low miles, or something a bit more luxurious or premium?
