Sales of electric vehicles have slowed in the past year, and used EVs are starting to pile up in used car lots.
As a result, prices are plunging this summer on used EVs because it turns out few drivers want to buy a 3- or 4-year-old electric vehicle.
Many worry about the lifespan of their batteries, and don't want to purchase a potential money pit. But is that true?
Shoppers opting for hybrid instead
Car shopper Jenny Jenowine is deciding between gas or hybrid.
“Hybrid possibly, but definitely not all electric,” she said.
Like so many car buyers in 2024, she’s not ready to buy a full electric vehicle.
As a result, recent headlines say used EV prices are “nosediving,” as buyers look at used hybrids instead.
The good news: car dealer Gary Heflin of Courtesy Automotive says he’s seeing price drops on used cars —gas, hybrid, and electric — this summer across the board.
“There’s definitely been a drop in prices,” he said.
But EVs are down much more.
Big price drops in 3- to 4-year-old EVs
While the average used car price is down 7 percent in the past year, used EV prices are down 35 percent because many people are still unsure about used electric vehicles.
Cincinnnati Auto Dealers spokesman Charlie Howard says hybrids are much more popular because they remove “range anxiety" (people worrying about running low on power).
“A lot of folks are saying 'hey, the hybrid option works for me, maybe I don’t have charging options at my home,' the hybrid offers that extended range,” Howard said.
But he says 2-to-4year old EVs still have their full battery power, and right now, they are an incredible bargain.
Tesla says its batteries can last 300,000 miles before needing replacement.
So a used EV with 50,000 miles on it may be one of the best deals of 2024, so you don’t waste your money.
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