The used electric vehicle market could tempt EV-curious drivers
The used electric vehicle market could tempt EV-curious drivers
For the first time, consumers will have a vast pool of used EVs available for purchase. Will hesitant drivers buy them?
For the first time, consumers will have a vast pool of used EVs available for purchase. Will hesitant drivers buy them?
Twenty-thousand Teslas are about to flood the US used-car market, as rental-car giant Hertz seeks to shed a third of its electric vehicle fleet.
For drivers, it's a chance to snag a Tesla for well below market rate. The Hertz Car Sales website shows more than 200 used Teslas selling for less than $25,000 (£19,800), as of this writing. In comparison, a new Tesla Model 3 – the company's least-expensive offering – starts at $35,990 (£28,500). These prices are even lower than the US's cheapest new EV, a Nissan Leaf, which sells for around $29,000 (£22,965).
As Hertz sheds its stock, experts also expect more used electric vehicles will hit the market from dealerships, other rental fleets and private owners, particularly as three-year leases expire. For consumers who have been EV-curious, the new global secondary market presents a prime opportunity to purchase one at a steep discount – especially at a time when automakers continue to struggle with bringing down prices on new models.
"From next year onwards, there will be very significant volumes [of used EVs], and we can expect prices to go down significantly," says Thibaud Simphal, Global Head of Sustainability for Uber.
I feel like this is a sponsored article as Hertz recently announced they'd be selling off all their Tesla and Polestar EVs.
There's been a lot of noise about it for sure but it helps blast away the notion of EVs being entirely unaffordable now.
For example, you could walk away paying ~$16k for a 2022 Tesla Model 3 Long Range if you qualify for the EV tax credit: https://www.hertzcarsales.com/certified/Tesla/2022-Tesla-Model+3-cd3e616c0a0e084c73d221de15ea7f83.htm
If you told me that 2 years ago, I wouldn't believe you.
Then you should read the Ars Technica article on how Hertz is dumping these cars because of high repair costs. In the article they particularly point towards a brand rather than EVs in general, likely because it seems too many leasers want to see just what this particular EV will do. Different experience than how you’d treat your own car.
(Edited for grammar & clarity)
I still can't really comprehend who are the people who buy brand new cars. Why would anyone pay so much extra?
People talk about how quickly a car’s value drops in the first couple years but that only matters if you sell in the first few years. Most modern cars are trouble-free for 10+ years, so why risk buying someone else’s lemon when I can buy new and not worry about it for the next decade, and the price isn’t so bad over that timeframe
Can't have a supply of used cars without someone buying them new first.
I'm thankful for those who "take one for the team" so that I can buy at a palatable price. But when I think of how much my income would have to increase that I'd be comfortable paying new car prices, I don't believe there are that many people who are that rich to account for the number of new cars that get sold.
I recently bought new, but that was about a year ago when the used market was upside down, so we bought new for only a couple grand more than a one/two year old used was at the time. Although that's probably not the typical experience.
You are certain that the car will work if you take care of it. Used can be abused. If you have money to spare - why not.
You know for a used market to exist, someone has to buy it new at some point?
As for me, I plan to hold onto my car for 8-10 years. I had a windfall on top of a windfall and figured "fuck it, #yolo".
Nothing wrong with used cars but I'd have a little hesitation buying a used vehicle of any vehicle manufacturer's first go-around with EVs...
Ehhhh im currently driving a Gen 1 Prius (2003) that I bought at auction for $500.
I have less than $2000 in it all-in (everything except fuel and insurance, even oil changes).
I've put about 55k miles on it and it pulls a steady 43-44 mpg
Hysteria over battery issues has turned out to be exactly that --- these 22 year old batteries are fine. Being used (within the design tolerance) keeps them fresh.
Can confirm, just bought a top of the line 2022 Leaf with 33k miles on it. All the bells and whistles of a new $40k car, even warranty, and thanks to the used EV credit, got it under $15k.
It just makes so much more sense. Even if it's not the ideal car due to the aging CHADEMO standard and lack of battery cooling, the low cost of ownership and many nice features make it a great stepping stone until the market sorts itself out.
No battery cooling? Shit that doesn't sound like a good idea in warm climates
AFAIK it's air cooled, but lacking your usual liquid cooling loop. The temps will drop as you drive, but not enough to overcome the heat added by fast charging and bring the pack down to allow another rapid charge session at full speed.
It's fine generally - what I've heard is the only issue caused by the air cooling is heavily throttling fast charge rate eventually on a long enough trip, but it does basically grind road trips to a near halt.
I've been watching prices for a couple of years now. It's certainly better than ever right now. I'm hoping to keep my current ice car running for a couple more years, while I deal with some unrelated expenses.
After that, I'm definitely going for a used bev.
I'm seriously considering a 2022 Chevy Bolt in my area (25k miles, $16k after tax credit). I typically buy cheap used cars, but the used market in my area is awful...
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I bought a used leaf a couple years ago as a test to see how an EV would fit into our lives.
It's an awful car, but even still, we're never going back to gas. It showed us that an EV is the best option for our lifestyle.