Used EVs Are Suddenly a Bargain

Electric vehicles are suddenly getting a lot more affordable, and there's a narrowing window to take advantage, Wired reports. Showrooms like EV Auto, with locations in Utah and Colorado, are offering models such as Tesla's Model 3 for around $20,000—but there's a catch: they're pre-owned, with several thousand miles on the odometer. For buyers, that might be less of a concern than it once was. After years of uncertainty regarding the lifespan of expensive EV batteries, data from startup Recurrent shows 2011 EVs retain about 79% of their original range, while 2020 models hold up at 97%.

Data from Edmunds and Recurrent show that more than a third of used EVs now cost under $25,000, with over half landing below $30,000. Demand for pre-owned electrics has picked up, even outpacing used gas cars in recent months, according to Recurrent. Sales topped 100,000 for the first time in the second quarter, per the Wall Street Journal. Contributing factors include a federal tax credit of up to $4,000 for used EVs under $25,000—though the Trump administration has moved the deadline for claiming that credit from the end of 2032 up to the end of September. Dealers expect the market to heat up as that date approaches. Industry analysts suggest that younger, budget-minded buyers may find this an attractive entry point, though experts advise acting soon, as eligible vehicles are limited.