Used Electric Cars: Deals, Incentives & Tips For 2024
Learn how to find the cheapest and best used electric cars in the US
The used electric vehicle market continues to grow more competitive as the supply of new EVs increases. In 2023 used EVs were approximately 28% cheaper than in 2022. Used EV prices have fallen six times faster than gasoline models and as of a study from August 2024 now on average cost $3,000 less use than gasoline vehicles.
By buying a used EV, you get all the benefits of electric driving - lower fuel costs, fewer maintenance expenses, and a quieter, smoother ride - without the higher price tag of a new EV model.
You can find some truly rock-bottom deals if you're not set on having the latest models with extended ranges. In many areas of the US, used electric vehicles are available for $10,000 or less. Plus they might qualify for additional incentives. It’s a great time to explore the advantages of driving an EV!
Take the next step towards driving your dream used EV: Review our nonprofit’s info on used EV incentives and used EV tips. Then, browse the used car sites below to search for your ideal EV by price, make, model, and location.
Thinking About Switching To An EV?
Use our EV Cost-Savings Calculator to see how much you could save and our EV Savings Checklist to delve into the many ways driving an EV instead of a gas car could save you money.
Why Buy A Used EV
Buying a used electric vehicle (EV) is a smart move for anyone looking to save money on fuel and maintenance while positively impacting the environment.
EVs are Cleaner
Electric vehicles are already cleaner than gas vehicles throughout their entire lifecycle in all 50 states.
EVs are Easier and Cheaper to Maintain
EVs have far fewer parts than gas cars, leading to about half the maintenance costs.
EVs cost much less to fuel
In many states, EV drivers pay just 3 to 6 cents per mile on fuel, compared to 10 to 30 cents for gas vehicles. On average, EV owners save around 60% on fuel. For high-mileage drivers, this can translate to up to $10,000 over the vehicle’s lifetime.
Check out Coltura's EV cost savings calculator to discover how much you could save by going electric.
Many used EVs also still come with battery warranties, providing added peace of mind. Battery warranties typically last 8-10 years or 100,000 miles, but many EV batteries are proving to last over 200,000 miles.
As more EV models hit the market, there are plenty of affordable used options, often with generous tax incentives or rebates still available.
Buying a used EV lets you enjoy the financial and environmental benefits of going electric while keeping the upfront cost minimal!
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Used EV Incentives
Used Electric Vehicle Tax Credit 2024
The federal tax credit for used EVs is worth up to $4,000 and is available for vehicles bought on or after January 1, 2023. For vehicles purchased after January 1, 2024, the process got even easier. You can now transfer the credit to an eligible dealer to receive an immediate discount on the vehicle at the time of purchase.
To qualify, your EV must meet several criteria, including being purchased from a licensed dealer, priced at $25,000 or less, and at least two model years older than the current calendar year.
And since the original owner may have already claimed their new EV incentives, you could score incredible deals on pre-owned EVs!
Some of the more popular vehicles that qualify for the used EV Federal tax credit include:
BMW i3 (model years 2014–2021)
Chevrolet Bolt (model years 2017–2022)
Ford Mustang Mach-E (model years 2021–2022)
Hyundai Kona Electric (model years 2019–2022)
Kia Niro EV (model years 2019–2022)
Nissan Leaf (model years 2011–2022)
Tesla Model 3 (model years 2017–2022)
Tesla Model S (model years 2012–2021)
Volkswagen ID.4 (model years 2021–2022)
You can check the full list of EVs that qualify here.
More Information on the Federal Tax Credit for Used EVs
Starting January 1, 2024, the process got even easier. When you buy a qualifying EV, the dealer can instantly determine your credit eligibility using the IRS Energy Credits Online system. You’ll then have the option to transfer the credit to an eligible dealer, receiving an instant discount on the vehicle at the point of sale.
Check this dealership directory to find a dealership near you that could offer the federal incentive.
You still need to file form 8936 and you are ultimately responsible for whether or not you qualify, not the dealership.
The federal Tax Credit For Used EVs In 2024 has a number of requirements, including:
- It must be purchased from a licensed dealer
- The used vehicle must be a plug-in electric or fuel cell car with a minimum battery capacity of 7 kilowatt hours.
- Only the initial transfer of ownership qualifies.
- The purchase price must be $25,000 or less.
- The car model must be at least two years old.
- The vehicle’s weight should not exceed 14,000 pounds.
- The credit is claimable only once every three years.
There are also income limits. If you’re single or married filing separately, your modified adjusted gross income (AGI) can’t exceed $75,000. For heads of households, the max is $112,500 and for joint filers or surviving spouses, it’s $150,000.
You can use the lower of your AGI from either the year you get the vehicle or the year before, giving you extra flexibility. You can find your AGI on line 11 of Form 1040 for tax years 2022 and 2023.
Learn more about the Federal Tax Credit for used EVs and search to see if you and your vehicle qualify. You can also check out the FAQ from the IRS.
Thanks to the federal EV tax credit, purchasing a used electric vehicle has never been more rewarding. If you’ve been eyeing a used EV, now’s the time to act!
Further Incentives for Used EV Buyers
In addition to the federal tax credit, some regions have additional incentives and rebates for purchasing used EVs. These programs are often stackable and can further reduce the cost of a pre-owned EV.
For example, Clean Cars 4 All in California offers up to $12,000 towards an EV 8 years old or newer in exchange for trading in an old, polluting vehicle. The program is designed for income-eligible residents in and around disadvantaged communities within the San Joaquin Valley, South Coast, Bay Area, and Sacramento air districts.
In San Mateo County, you could receive up to a $2,000 rebate when purchasing a used electric vehicle. Similarly, Southern California Edison (SCE) offers its customers the chance to qualify for up to a $4,000 rebate through the Pre-Owned Vehicle Rebate Program when buying a used EV.
Be sure to research state or city-specific offers that can maximize your savings. Keep in mind that some incentives are exclusive to new EVs, others are designed for used EVs, and some can be used for both. You can also look for incentives for installing home charging equipment (including the federal tax credit) and for electricity bills.
Used EV Deals - How To Find Them
A number of websites can help you find the right used EV for you.
When starting your search, it’s a good idea to browse several platforms to compare prices, vehicle conditions, and site features before making a decision. This approach boosts your odds of landing the best deal and discovering the EV that’s the ideal fit for you.
Below are a few of the top websites to start exploring the robust used EV market.
Finding a Used EV on Edmunds
Edmunds makes it easy to browse used electric vehicles by offering a user-friendly search tool that filters by engine type, and location. You can compare prices, vehicle conditions, estimated battery range, and vehicle features, along with Edmunds' reviews and ratings, helping you make an informed choice.
Search for a used EV on edmunds.com
Finding a Used EV on CarGurus
CarGurus simplifies finding a used EV by providing market value comparisons, dealer ratings, and transparent pricing information to help find the perfect EV within your budget. With a large selection of EVs and helpful tools to compare deals, it’s an excellent resource for getting a great price on a used electric car.
Check out this search for used Nissan Leafs on cargurus.com
Finding a Used EV on MYEV.com
As a platform dedicated solely to electric vehicles, MYEV.com offers specialized search tools tailored for EV buyers. With comprehensive filters and detailed information on battery health, range, and charging times, you can easily find the right used electric car that suits your driving habits and budget.
The Cheapest Used EVs with the Longest Range
The cheapest used EVs with over 200 miles of range are the Chevy Bolt and Nissan Leaf, often available locally for around $20,000 or less.
If you’re looking for an EV with even more range, the Tesla Model 3 is the best value option. You can typically find a used Tesla Model 3 in your area for about $25,000.
Search for inexpensive used EVs with over 200 mile range.
Search for inexpensive used EVs with at least a 300 mile range.
Battery range decreases over time - verify the current range before purchasing.
Buying A Used EV Tips
What to Check When Buying a Used EV
One of the benefits of electric vehicles is that they have fewer components that can break down compared to traditional gas-powered cars. However, when inspecting a used EV, you should still focus on key maintenance items.
Check simple but important components you would check for any vehicle such as the tires and windshield wipers. Also, make sure the seller has included the correct undamaged charging cord, along with any necessary adapters or vehicle-specific charging equipment.
Assessing Used EV Battery Health
Check that the battery is functioning properly. In many cases, you can get important information about the battery's health directly from the vehicle’s dashboard.
Some websites also include the estimated battery range and health in their vehicle listings. You can plug in the vehicle's VIN here to get an assessment of the battery and estimate how much you should pay based on that information.
Warranty Considerations for Used EVs
Many used electric vehicles may still be covered by the original battery warranty, which typically lasts for 8-10 years or 100,000 miles. Be sure to check whether the battery is still under warranty when buying a used EV, as this can give you added peace of mind.
Certified Pre-Owned EVs for Extra Assurance
For an extra layer of security, consider purchasing a certified pre-owned (CPO) electric vehicle.
Certified used EVs often come with additional warranty coverage and have undergone inspections, ensuring the vehicle is in top condition. This option is ideal for buyers who want to minimize risk and enjoy a more worry-free ownership experience.
Performing a Title Check
Before finalizing your used EV purchase, it’s critical to obtain a title check from a reliable source. Start with the National Motor Vehicle Title Information System (NMVTIS). You can cross reference against a tool like Carfax or AutoCheck.
These reports will provide valuable information on the vehicle's history, including any accidents or significant repairs, helping you make a more informed decision.
Verifying Maintenance and Service Records
Lastly, ensure that the used EV has received regular maintenance and scheduled service. Ask the seller for service records to confirm the vehicle has been well-maintained. This step can ensure long-term reliability and performance.
Conclusion
As the used electric vehicle market continues to expand, now is the perfect time to take advantage. With lower upfront costs than a new EV, reduced fuel and maintenance expenses, and additional incentives, buying a used EV can save you thousands of dollars over the car's lifetime.
The used EV market offers an ever-growing selection of models to fit your needs. Be sure to explore available incentives, compare vehicles on different platforms, and thoroughly check the battery and vehicle history before making your purchase. With the right research and careful consideration, you can enjoy the financial and environmental benefits of driving a used electric vehicle. Happy shopping!
Used Electric Cars Frequently Asked Questions
What Are the Benefits of Buying a Used Electric Vehicle (EV)?
Buying a used EV can save you money on fuel, maintenance, and sometimes even upfront costs. Electric vehicles have fewer moving parts than gas cars, leading to lower maintenance expenses. Used EVs still offer great driving performance and often come with manufacturer warranties for added peace of mind.
How Much Can I Save by Buying a Used EV?
You could save thousands by opting for a used EV. In 2023, used EVs were approximately 28% cheaper than in 2022. Additionally, federal tax credits could save you up to $4,000 on qualifying used EVs. Depending on the model and incentives, the total savings could be significant over time.
Are Used Electric Cars Cheaper Than Gas Cars?
Yes, used electric vehicles are often cheaper than gas cars. According to recent reports, used EVs are generally more affordable than their gasoline counterparts, especially when factoring in lower fuel and maintenance costs.
What Is the Average Cost of a Used Electric Vehicle?
Used electric vehicle prices vary, but many models are available for under $20,000. In some areas, you can even find used EVs for $10,000 or less, depending on the model and age of the car.
Do I Qualify for Federal Tax Credits When Buying a Used EV?
Yes, many used electric vehicles qualify for federal tax credits. You could receive up to $4,000 or 30% off the vehicle’s price, whichever is lower. The vehicle must be purchased from a licensed dealer, priced at $25,000 or less, and be at least two model years old.
What Should I Check When Buying a Used EV?
When buying a used EV, check the vehicle’s battery health, range, and service records. Make sure the vehicle includes the correct charging equipment. Additionally, verify whether the battery is still under warranty for extra protection.
How Long Do Electric Vehicle Batteries Last?
Electric vehicle batteries typically come with warranties lasting 8-10 years or 100,000 miles. However, many EV batteries last much longer, with some lasting up to 200,000 miles or more, depending on the model and how well they’ve been maintained.
What Are the Cheapest Used EVs With the Best Range?
The most affordable used EVs with over 200 miles of range include the Chevy Bolt and Nissan Leaf, typically available for around $20,000. For greater range, the Tesla Model 3 is a popular option and can often be found for around $25,000.
Can I Get Incentives for Buying a Used Electric Car?
Yes, aside from federal tax credits, many regions offer stackable state and local incentives for used EV purchases. These incentives can further reduce the cost of ownership, making the switch to electric driving even more affordable.
How Do I Find the Best Deals on Used EVs?
You can find great deals on used EVs by browsing multiple platforms like Edmunds, CarGurus, and MYEV.com. Compare prices, vehicle features, and conditions across these sites to ensure you’re getting the best deal.
How Long Can Electric Cars Last?
Electric cars can last a long time, with many EV batteries designed to last 8 to 10 years or up to 100,000 miles. Some electric vehicles, like Tesla models, can last up to 500,000 miles, and newer battery technologies aim for even longer lifespans.
Are Used EV Prices Going Down?
Yes, used EV prices are dropping. In 2023, used electric vehicles were approximately 28% cheaper than they were in 2022. As more new EVs enter the market, the supply of used EVs continues to grow, leading to more competitive pricing.
Is It Worth Buying an EV Now?
Yes, buying an electric vehicle is a smart financial decision. With falling prices, federal and state incentives, and lower fuel and maintenance costs, EVs offer significant long-term savings. Plus, as more models become available, there are more options to fit various needs and budgets.
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