6 Suggestions for Shopping for the Greatest Used Electrical Vehicles Beneath $20K

New electrical automobile gross sales are on the rise regardless of hovering costs. If you wish to save a buck and the Earth, think about a used electrical automobile. We’ve obtained the guidelines that will help you purchase the very best used electrical automobiles in the marketplace. And we’re naming names.

The preliminary 12 months of the COVID-19 pandemic delivered a brutal blow to the automotive business, however the bigger financial results of the coronavirus (provide chain shortages and inflation amongst them) have led to a serious turnaround.

For the common client, which means larger costs, longer wait instances for supply and a lowered capacity to haggle on the dealership. As demand continues to outpace provide, sellers have the higher hand in setting costs for brand spanking new fashions. Many shoppers are turning to used automobiles as a substitute.

That, in flip, has elevated the standard asking worth of used autos. Actually, based on the U.S. Bureau of Labor Statistics (BLS), used automobile costs had been up greater than 35% 12 months over 12 months in March 2022.

However what about used electrical autos (EVs)? As a result of there’s much less demand for these fashions, the common worth was solely up 25% for a similar time interval. Couple that with rising gasoline costs that present no indicators of slowing, and now simply may be the time to modify to an all-electric automobile.

6 Suggestions for Shopping for a Used Electrical Automotive

How is searching for used electrical automobiles totally different from shopping for used gasoline automobiles? Primarily, you’ll have to deal with electrical vary and battery life. Listed here are six tricks to be sure you discover a good one:

1. Make a Checklist of Potential Fashions — and Act Quick

The Nissan Leaf was the world’s first mass-produced all-electric automobile, and it continues to be among the many most reasonably priced greater than a decade later. However the used EV market now has much more choices, from the luxurious BMW i3 and Tesla Mannequin S to the sensible Ford Focus Electrical and Volkswagen e-Golf.

Take into account Value

Should you’re searching for a used EV on a funds, you’ll be able to take fashions just like the Audi e-tron and Tesla Mannequin S off your listing (although now that the BMW i3 has been in the marketplace so lengthy, you could find older fashions below $15,000). Set a max funds for your self, and analysis used EV costs inside your vary.

A few of the extra reasonably priced choices will come from manufacturers like Nissan, Kia, Hyundai, Chevy and Ford. Should you want an excellent place to begin, scroll right down to our listing of the very best used electrical automobiles below $20,000.

Take into account Vary

Value is simply half of the consideration. Take into consideration how you’ll drive your EV every day. What’s the max vary you’ll want for many each day drives? Discover an electrical automobile in your worth vary that may go so far as you want it to on a single cost.

That means, you gained’t have to fret about charging on the go.

Should you do plan to cost throughout an outing, make the most of DC (direct present) quick charging, additionally known as Stage 3 charging. A DC quick charging port will assist you to cost your automobile’s battery a lot quicker (in round half-hour), however you gained’t get a 100% cost (DC quick charging sometimes yields as much as 80% of a cost).

Whereas most EVs could be charged with a DC quick charging plug, this isn’t at all times the case, particularly in older fashions. If a number of the earliest model-year EVs, take note of this characteristic.

Act Quick

When you’ve discovered just a few fashions you’re inquisitive about, plug them in (pun so meant) to The Penny Hoarder automobile comparability spreadsheet to see which choice is finest for you.

When your most popular mannequin turns into obtainable privately or at a dealership, act quick. Each used and new automobiles are promoting simply as shortly as they’re being listed. Should you don’t go for a check drive and make a suggestion as quickly as attainable, one other purchaser will.

2. Perceive How the Guarantee Works

When the unique driver bought their electrical automobile, the producer probably included an prolonged guarantee on the battery.

Lithium-ion batteries are the one costliest part of an EV. To assuage purchaser fears of replacements, automakers generally supply eight years (or 100,000 miles) of protection for brand spanking new EV batteries. However not all warranties are transferable.

When doing preliminary analysis on a mannequin listed on the market, you may ask the vendor for info on the guarantee, but it surely’s at all times higher to verify this your self. Discover the automobile’s VIN (automobile identification quantity), then name the producer’s customer support division to get the main points on the guarantee.

Particularly ask what number of years are left on the guarantee — and if it’ll switch to you with the sale. If there isn’t a transferable guarantee, be cautious of shopping for an older mannequin whose battery could also be on its remaining legs.

3. Discover a Automotive That’s Just lately Had Its Battery Changed

Alternatively, particularly when you’re reaching again to high-mileage EVs from the start of the 2010s, discover an electrical automobile that has simply had its battery changed. Ask the vendor for receipts and paperwork confirming the battery substitute.

If the vendor can’t discover any paperwork however says the battery was changed, you’ll be able to usually affirm the work by checking on a automobile historical past report from Carfax.

4. Use Battery Life to Haggle

If there isn’t a remaining guarantee on the battery and it hasn’t just lately been changed, you should use the battery degradation to your benefit.

Ask the dealership for a full report on the automobile’s battery well being (or simply see what the estimated vary for the battery is after a full cost — there’s sometimes a gauge on the dashboard). Evaluate this anticipated vary to the vary that was initially marketed when this mannequin first went in the marketplace. If there’s a stark distinction, you’ve simply discovered a serious bargaining chip.

Keep in mind that now could be a tricky time to haggle. If you’re making an attempt to get the vendor to drop to a cheaper price, they could simply move on the sale and anticipate the subsequent purchaser to return in. (Mentioned purchaser might be simply minutes behind you on this present used market.)

Should you do get the vendor to drop the value, keep in mind that you’ll probably be paying to interchange the battery within the coming years. In response to Recurrent Auto, new EV batteries can vary from $3,000 to greater than $20,000. Ouch.

5. Take It to a Specialised Mechanic

Earlier than shopping for any used automobile, you must take it on a check drive to a trusted mechanic for a full inspection. The mechanic will inform you of any issues that the vendor could not have disclosed.

This helps you 1) haggle for a cheaper price or 2) know when to stroll away from a foul deal.

When contemplating a used electrical automobile, discover a mechanic who makes a speciality of EVs. Not each mechanic has been skilled to work on an electrical powertrain, so it’s vital to slender your search right down to mechanics with an precise background in EV upkeep and repairs.

6. Take into account Options: Hybrids and Plug-In Hybrids

Should you’re discovering the price of used electrical automobiles to be out of your worth vary, you don’t have to surrender on the notion of eco-friendly driving altogether — particularly as gasoline costs proceed to skyrocket.

Hybrid autos have been mainstream for much longer than EVs and don’t include any vary anxiousness. There’s no preliminary funding to put in charging infrastructure at dwelling, and hybrids are so widespread that discovering one in your funds shouldn’t be an issue.

You may also think about a plug-in hybrid. These fashions draw on electrical energy first, however when you want further vary, there’s nonetheless a gasoline engine to finish your drive. Of the 2, used hybrids are sometimes cheaper (and simpler to search out) than plug-ins.

5 Greatest Used Electrical Vehicles Beneath $20,000

As a result of the used automobile market is so sizzling proper now, a shocking 17.5% of all used electrical automobiles on the market are 2021 fashions. Whereas having a used EV that new can be good, these autos are largely out of most funds patrons’ worth vary.

As a substitute, take a look at fashions from the early to mid 2010s for the very best costs. Costs will fluctuate primarily based on mannequin 12 months, battery situation, mileage and different components, however normally, the fashions under are the very best used electrical automobiles below $20,000. (You’ll discover there’s no used Tesla mannequin on this listing!)

1. Nissan Leaf

No doubt, the Nissan Leaf continues to be among the best used electrical automobiles obtainable. This entry-level economic system automobile has all the standard options you’re searching for — from airbags to an influence driver’s seat — in a extremely environment friendly package deal.

As a result of the Leaf has been in the marketplace the longest, there are many choices obtainable, which retains prices decrease. Nevertheless, we significantly advocate one with a higher-capacity battery for a extra sensible vary, which implies the 2016 mannequin 12 months and onward.

You possibly can simply discover a used Nissan Leaf within the $10,000 to $15,000 vary. Tremendous previous fashions may be listed under $10,000.

2. Kia Soul EV

The Kia Soul compact crossover was an instantaneous hit due to its funky form and distinctive advertising (keep in mind these dancing hamsters?), so it didn’t take lengthy for Kia to launch an all-electric model. As a result of it’s been round since 2014, you could find Soul EVs listed within the $10,000-$15,000 vary.

For that worth, you’ll get extra than simply an environment friendly crossover; the Kia Soul EV has a spacious inside, smartphone connectivity and cutting-edge security tech, particularly on more moderen fashions.

3. Chevy Spark EV

The Chevy Spark is a no-frills economic system automobile that changed the Chevy Aveo within the early 2010s. The electrical variant of it was short-lived and solely offered in just a few states, so discovering one in the marketplace would possibly show robust.

However when you’re capable of finding one — and don’t thoughts the intense lack of facilities — you’ll be able to count on to pay below $15,000 (or possibly even below $10,000).

One shiny spot: The Spark has had a historical past of enjoyable colours over time. Whereas many of the used Chevy Spark EVs will probably be white or black, you would possibly come throughout one thing with extra character, like an Electrical Blue Metallic.

4. Fiat 500e

Although former Fiat CEO Sergio Marchionne famously didn’t need you to purchase his Fiat 500e, the automobile itself is fairly good. The subcompact has fierce Italian styling and boasts as much as 87 miles of vary (greater than 100 for purely metropolis driving).

These fashions had very low manufacturing numbers, so discovering one close to it’s possible you’ll be a problem. Should you’re fortunate, it’s possible you’ll discover one for roughly $15,000.

5. Volkswagen e-Golf

You would possibly recall the Volkswagen emission scandal again in 2015, wherein Volkswagen deliberately cheated to get higher EPA rankings for its diesel autos. Whereas we’d keep away from any used diesel Volkswagen fashions from that period, the Volkswagen e-Golf is definitely an excellent decide.

The e-Golf is a hatchback with loads of cargo house and passenger house; whereas a number of the fashions on this listing can solely comfortably seat two, you’ll be able to match a household of 5 in an e-Golf. By 2017, it boasted an EPA estimated vary of 125 miles.

The e-Golf was made as just lately as 2019, however these newer fashions are above our $20,000 threshold. Go additional again in mannequin years to search out one for round $15,000.

Honorable Mentions

Although these EVs didn’t make the ultimate reduce, they’re nonetheless price contemplating for his or her low costs and respectable vary:

• Kia Niro EV
• Chevrolet Bolt
• Ford Focus Electrical
• Hyundai Kona Electrical
• BMW i3

New vs. Used Electrical Vehicles

Automakers are betting massive on EVs. Ford is placing $22 billion towards electrification via the primary half of this decade, GM is planning for 30 electrical fashions by 2025, Honda and Toyota every plan to launch 30 EVs by 2030 and Volkswagen is aiming for 50% electrical gross sales by the identical 12 months.

Clearly, the market is about to be saturated with electrical automobiles (and electrical vans and SUVs — you’ll be able to even get an electrical Mustang!). And with authorities incentives (like federal tax credit as much as $7,500) for brand spanking new electrical fashions, it makes lots of sense to purchase new.

However not everybody can afford a brand-new Mannequin S from Tesla, and even the compact, all-electric Nissan Leaf is extra reasonably priced when purchased new. Plus, the continuing chip scarcity and continued provide chain points are significantly affecting new electrical automobile gross sales, driving up costs and delaying supply (Volkswagen is reporting a mean of 4 months for supply of its ID.4 mannequin).

Shopping for a used electrical automobile means a cheaper price (common resale values are sometimes decrease for EVs since there’s much less demand and no federal tax incentive). It additionally means no wait time; you’ll be able to head to the vendor lot, go for a check drive and take the electrical automobile dwelling that very same day.

However shopping for a used EV is slightly totally different from the standard used automobile procuring expertise. Arm your self with info earlier than heading to the vendor or personal vendor to be sure you’re getting an excellent deal.

How A lot Does It Value to Drive an Electrical Car?

Electrical automobiles could have a better sticker worth, however are you able to get monetary savings over time? Right here are some things to remember for electrical automobile possession:

Tax Credit

Should you purchased a brand new electrical automobile, you’ll be able to probably apply for a federal tax credit as much as $7,500. If you purchase a used EV, you can not apply for the rebate.

Upkeep

A trademark of electrical automobiles is the dearth of routine upkeep. EVs don’t want common oil modifications or air filter replacements, so you’ll spend a lot much less annually on repairs.

Bear in mind: If you do want to interchange the battery of your EV or have any fundamental restore work accomplished, the associated fee will probably be a lot larger than what mechanics cost for gasoline automobiles.

Charging

Whereas you should still purchase gasoline for a plug-in hybrid, a real 100% electrical automobile means you gained’t have to fret about rising gasoline costs.

In fact, you’ll have to pay for charging infrastructure set up at dwelling, and also you’ll discover a spike in your electrical invoice. Nevertheless, the price of charging an EV is much lower than what you’ll spend on gasoline to journey the identical distance.

Insurance coverage

Insuring a used automobile is often extra reasonably priced than insuring a brand new automobile, however what about electrical fashions vs. gas-powered automobiles?

In response to ValuePenguin, EV house owners ought to count on to pay 25% extra for automobile insurance coverage. Why? As a result of electrical autos are sometimes costlier to purchase and restore.

The Backside Line

Shopping for a used electrical automobile can lead to nice financial savings: They’re cheaper than new electrical automobiles, and also you’ll save some huge cash on gasoline over time of possession.

However in immediately’s market, even used automobiles could be dear. Make an inventory of automobiles inside your funds, know what to search for throughout your check drive and be ready to stroll away from a sale if the value isn’t proper.

Contributor Timothy Moore is a author and editor in Cincinnati, Ohio. He focuses on banks, loans and insurance coverage for The Penny Hoarder. His work has been featured on Debt.com, The Ladders, Glassdoor, WDW Journal, Angi and The Information Wheel.