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In the countless media stories about the price of everything going up, one bright spot is often overlooked, and that is the plummeting cost of used electric vehicles. According to Cox Automotive, the gap between used EVs and gas-powered cars narrowed to just $1,266 making EVs the much better financial choice when factoring in cost of ownership. Over five years, a typical EV owner will save about $6,000 from no longer having to buy fuel, oil changes, brake pads, etc.
Across the country, many desirable, used electric vehicles have dropped below $30,000, not only making them affordable, but much more attractive than their gas-powered counterparts. Shoppers can now choose from a mix of efficiency, style, performance, reliability, and luxury without overspending their budget. The real bargains seem to be Tesla, as their models are well below average with a weighted used price of just $26,294, a stunning reversal from just a couple of years ago.
We look at the top used EVs and selection strategies. Start your choice by defining range targets, warranty expectations and charging needs, then test drive across two or three brands to find the best fit. A fit that supports your daily needs.
There bargains haven’t been lost on social media. It’s been buzzing about used EV bargains. Here are some recent posts on Reddit:
mjohnsimon posted an example of the high depreciation rate that luxury EVs face:
“A Mercedes EQS with all the bells and whistles is selling for almost $40k near me with about 30k miles. That car was easily worth $120k at one point a few years ago.”
per54 posted about how quickly the luxury EV market has changed:
“I even remember when dealers wanted over sticker for the EQs – LOL.”
Electronic-Clock5867 posted about his highly discounted used EV purchase:
“I picked up a new 2023 Hyundai Ioniq 5 for $30k a month ago really enjoying it so far. We weren’t really in a spot to buy a new car, but the price was too good to pass it up.”
UsernameAvaylable posted why he thinks used luxury is so cheap:
“For luxury cars, the depreciation is always ridiculous. Even for the classic Mercedes S Class, the five-year deprecation is in the range of 55 – 60%.
It turns out that the people who buy those 6 figure cars don’t want something preowned, which leaves bargains for the rest of us…”
New-Used Mainstream Standouts with Great Warranties
Cousins from South Korea, the Hyundai Ioniq 5 and Kia EV6 are great used choices for buyers who want style, range, and strong warranties at sensible prices. The Ioniq 5 brings an award-winning design with trims that match different mileage needs and budgets. The EV6, available in Wind or GT-Line trims, offers the choice between rear-wheel drive affordability and all-wheel drive confidence, which gives everyday drivers a clear path to the features they care about most.
Performance with Practicality
The Ford Mustang Mach-E turns the familiar crossover into something genuinely engaging to drive. In Premium trim it delivers all-wheel drive traction, a generous range approaching 300 miles, and strong torque that makes highway merges feel effortless. The result blends everyday utility with an enthusiast spirit in one well-rounded package.
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Tesla Ecosystem
The Model Y Long Range provides 300-plus miles of range along with familiar software and reliable charging access. Careful shoppers sometimes find the Performance version within budget when the right listing appears. The Model 3 adds sedan simplicity and strong acceleration, which gives long-distance drivers an affordable entry into premium technology.
Reliability and the Long-Term Mindset
The Toyota bZ4X appeals to buyers who plan to keep a vehicle for many years. Low-mile 2023 examples deliver warranty peace of mind and the steady ownership experience that the brand is known to provide. Maintenance and durability will feel predictable over the long term.
Comfortable Versatility for Families
The Nissan Ariya aims for the sweet spot of space, comfort, and calm. The Venture Plus trim reaches above 300 miles of range, while the Evolve Plus, Empower Plus, and Premier trims balance features with just under 300 miles of range. Daily commutes and road trips share the same quiet, comfortable cabin.
Accessible Luxury in a Compact Footprint
The Volvo EX40 Recharge brings Scandinavian styling to a manageable size. Dual-motor power, available advanced driver assistance, a 360-degree camera, and thoughtful interior touches make premium feel attainable. The overall experience favors quiet confidence rather than flash.
A Driver’s Car with Tech
From the same design studio as the Volvo EC40, the Polestar 2 suits drivers who value dynamics and design in equal measure. Standard all-wheel drive, strong horsepower, and a Google-based infotainment system create a smooth partnership between performance and software. The optional Performance package further sharpens responses for a more connected feel on the road.
Bottom Line
Since 2008, the federal EV tax credit helped consumers buy vehicles that they otherwise might not have been able to afford. However, over that same timespan, the main factor driving down EV prices was battery cost reduction. On a dollars per kilowatt-hour basis, batteries have dropped about 90% over the last decade and continue to drop. In the case of luxury cars, opting for a used one has its pros and cons, but luxury EVs tend to depreciate faster which means that you can get a lot of used car for the money. Additionally, the depreciation usually happens in the first years after purchase and stabilizes after a while. You are less likely to see another big drop in value. The used EV market is linked to new EV sales, and we are now witnessing automakers reevaluate their strategy for bringing the next generation of EVs to market.
Please Drop Your Thoughts in the Comments Below
For drivers who switched from gas to a used EV, what surprised you most about real costs over the first year like fuel and maintenance?
Luxury EV shoppers, would you take a depreciated EQS or Taycan over a newer mainstream EV at the same price, what tipped the decision?
Chris Johnston is the author of SAE’s comprehensive book on electric vehicles, “The Arrival of The Electric Car.” His coverage on Torque News focuses on electric vehicles. Chris has decades of product management experience in telematics, mobile computing, and wireless communications. Chris has a B.S. in electrical engineering from Purdue University and an MBA. He lives in Seattle. When not working, Chris enjoys restoring classic wooden boats, open water swimming, cycling and flying (as a private pilot). You can connect with Chris on LinkedIn and follow his work on X at ChrisJohnstonEV.
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Source: torquenews.com
