New Or Used Electric Vehicle: Which Is The Better Option?

Many potential car buyers cannot afford electric vehicles (EVs) these days due to their high cost.

If you want an EV but cannot afford to buy one new, it is natural to consider purchasing a used model.

Even though the volume of used EVs remains low in comparison to Internal Combustion Engines (ICE) vehicles, when browsing the used market these days, you will undoubtedly come across a wide selection of very appealing potential purchases. Because EVs still have higher depreciation than their combustion counterparts, many models may become more affordable for buyers who previously couldn’t afford them.

Buying a used EV is similar to purchasing any other vehicle. But before you buy, you should check the vehicle’s service history, see if it has been in any accidents, and conduct a general inspection of the exterior, interior, underside, electric powertrains, and battery packs.

We have explained below a few things to look for when purchasing a used EV:

New and Used Electric Vehicles (EVs): Main Difference

If you compare a new EV to a previously owned example of the same model, the experience will be nearly identical if the used vehicle has been well-maintained. Also, most EVs are still relatively new, so there aren’t many old and worn-out examples around. The only component you should be concerned about is the battery pack. A battery pack’s cells degrade over time. If an electric vehicle is repeatedly DC fast-charged to 100 percent or brought close to depletion, it will degrade faster.

Used Electric Vehicle (EV): Why To Buy?

Purchasing a used EV is a cost-effective decision. You can get essentially the same car as the new one for a lot less money, which is very appealing. However, unless you’re extremely lucky and come across a fantastic deal, finding a good used EV that is both reasonably priced and in excellent condition can be difficult.

The biggest disadvantage of buying new is the cost, which is why many potential buyers opt for a used car instead. If you want to buy a used EV that is less than five years old, you should look for one that is still under warranty (which is usually transferable to the new owner).

Used Electric Vehicle (EV): How Much Value They Hold?

Compared to other cars, EVs don’t retain their value as well. InsideEVs reports that a recent study revealed that, although the rate of EV depreciation over five years has decreased from 67 percent in 2019 to 49.1 percent in 2023, it is still higher than that of all other vehicle types—hybrids and pickups performed the best.

Used Electric Vehicle (EV): Pros And Cons

The biggest benefit of purchasing a used EV is undoubtedly saving a significant amount of money, but there are several drawbacks to choosing a used electric vehicle. It’s never possible to know for sure how long the car has been owned or used. Even though the vehicle seems brand-new, if it was previously used for ride-hailing services and has only been charged at a public fast charger, its battery will have significantly less range than when it was first purchased.