End of Year Used EV Car Sales Are On

LOS ANGELES - Dec. 31, 2024 - PRLog -- Let's face it, electric vehicles (EVs) are expensive. Even people who can afford to buy a new one often end up buying a used EV because car depreciation on a brand-new car is very high. The average new electrical vehicle costs about $48,000.(6) It will lose more than 10% of its value as soon as you leave the dealership, more than a gas-powered vehicle. The average used electric vehicle in 2024 cost about $27,000, according to iSeeCars.com.

Buying a used electric vehicle (EV) is more cost effective, and the only difference between buying a used gas or electric car is the amount of attention you should pay to an EV battery, which can be costly to replace. Also, the myth about EVs costing more to insure may not apply for your used EV.

Here's everything you need to know in detail before shopping for a used EV. Also, check out our tips at the end on how to find an affordable car insurance policy to go with your new used car.

10 Things To Do When Buying a Used EV
1. Ask to take the EV for a battery test.
2. Ask if the car has the original battery or a replacement.
3. Check for accidents using the car's vehicle identification number (VIN).
4. Ask if the car is still on warranty and verify when coverage ends and what it covers.
5. Ask how often and to what level the owner was charging the car. The less the better but not less than 25%.
6. Look into that particular make and model's EV battery lifespan.
7. Find out how fast it charges.
8. Look at the resale value of similar vehicles on Kelley Blue Book or Edmunds.
9. Be clear on the battery range.
10. Have an experienced EV technician do a thorough inspection of the vehicle.

For more tips on buying and insuring a used EV visit https://smartfinancial.com/buying-used-ev