Electric dreams: The surge in used electric car sales and what buyers should know
Statistics clearly show that used electric vehicles are gaining in popularity. American platform Carvana's data reveal that the prices of used electric cars are becoming more and more comparable to those of gasoline cars. Increasingly, customers are opting to purchase them.
10:22 AM EDT, May 11, 2024
Analyzers in the USA have compiled recent data on the market for used electric vehicles. Their findings indicate a growing interest in these types of cars. Should the purchase of used electric cars be a cause for concern? And, which models are currently the most sought-after in the second-hand market?
Increasing popularity of used electric cars
The rising popularity of used electric cars comes as no surprise. In recent years, there has been a marked increase in the interest for new electric vehicles, naturally leading to their higher availability on the used market.
Data from the first quarter of 2024 show that the offerings of used electric vehicles have expanded, and their prices are gradually decreasing. An analysis of all listings on the Carvana website reveals that electric cars make up 4.3% of the vehicles sold.
Just a year earlier, the average price of a used electric car was $18,000 more than that of a gasoline car. By the start of 2024, this difference had narrowed to $7,000, indicating a significant convergence in the prices of used gasoline and electric cars.
The most popular used electric cars
The Nissan Leaf emerged as the most sought-after electric car model in the second-hand market during the first quarter of 2024.
In second place was the Tesla Model 3, the entry-level model from the American manufacturer. Following closely are the Chevrolet Volt, BMW i3, and the electric VW Golf, known as the e-Golf.
Is it worthwhile to buy a used electric car?
Many potential buyers ponder the cost-effectiveness of acquiring a used electric vehicle. Although the market for such cars is still relatively small, potentially raising concerns, they present certain benefits. The main advantages are lower operating costs and a significantly reduced purchase price compared to new models.
However, one must be wary of potentially high repair costs, including replacement parts. The issue is particularly acute with the battery—if it's heavily worn, the vehicle loses many benefits, notably a reduced maximum range. For instance, an 11-year-old Nissan Leaf might only offer a range of about 22 miles.
Much depends on the condition and status of the vehicle in question. It's advisable to examine key components, including battery wear, thoroughly. As with traditional gasoline vehicles, hiring a specialist to assess the car's condition for a modest fee can greatly increase your chances of purchasing a fault-free and fully operational vehicle.
