Used vs. New Electric Car - Which Makes More Sense?
Put Up With the ‘Hassle’ and You Could Save Some Money
Used Cars Expert
It’s a tough decision to make if you are in the market for an electric car: used vs. new, which makes more sense? Well, we are prepared to answered with a qualified “It depends.”
CNW Market Research quotes some excellent research on buying an electric vehicle that needs to be taken into consideration, whether you are buying used or new. Consider this: the number one reason for not buying an electric vehicle is the hassle.
And when CNW refers to hassle, it’s not referring to range. Hassle in this case means the bother of having to plug in the car every night. Of course, that’s an interesting issue because think of the number of things we need to plug in every night, like our tablets and smart phones.
(Then again, it is a lot easier to charge those devices and use them while plugged in. Imagine the tremors a lot of people would experience if they had to plug in their devices and wait to use them during the charging period.)
You also have to consider your range anxiety. The CNW research says most people would not consider even buying an electric vehicle until it got 300 mile range. In other words, match the fuel efficiency of a gas vehicle and people are willing to consider going electric.
The study says price isn’t the issue once thought to be a major obstacle. “One of the industry’s beliefs is that electric vehicle pricing turns many consumers away from battery power. Significantly higher cost for an EV vs. a comparably sized gas or diesel powered car or truck is thought to be a primary reason for the lack of enthusiasm for EVs,” the report says, but found that isn’t the stumbling block.
The report also says, “There is a slight interest increase if tax credits brought the price of an Electric down to a comparable gas/diesel level, but even at that, the share for a primary vehicle is barely 9 percent and just under 14 percent for a secondary vehicle.”
So, how does this make you decide between buying a new or used electric vehicle? You have to decide what kind of electric vehicle owner you are going to be.
Do you want a tax credit to feel good about your purchase? Lets look at aNissan Leaf for example. A brand-new S trim (the lowest level) has an MSRP of $32,500 before any available tax credits. (Check out PlugInAmerica.comfor a list of federal and state incentives where you live.) A 2014 model, considered used at this point, would cost you $22,848, which is basically a wash when you consider the $7500 federal tax credit. So, in this instance it makes no sense to buy a used one - from a dealer.
That’s the key point: from a dealer. You’re not going to get a good deal on a used EV from a dealer but you could buy one for about $20,000 from a private seller. Sure, Edmunds claims the private seller price is going to be $21,600 but if a private seller is onloading a one-year EV, it means they are burned out on ownership.
Maybe they won’t come down on price but they might throw in the charger. That could be a strong selling point. After all, who wants a charger when they don’t own an EV? By the way, it might make sense to hire your own electrician to remove and install the charger.
Something else to consider when buying new vs. used electric vehicle is how long you plan to keep the car. If you don’t want the tax credit - and only plan to keep it for a couple years - then used is definitely the way to go. You are going to suffer a lot less when it comes to depreciation.
As this graphic from Edmunds.com shows, a used car depreciates 11% from year 2 to 3 and then 9% each year following from its original purchase price. It’s the first year that hits hardest with a drop of almost 20 percent.
By the way, if you do decide to buy a used electric vehicle, read our comprehensive article on how to buy a used electric car.
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