The Used Electric Vehicle Market Looks Promising, but There's a Trade-Off

With the ongoing Russia-Ukraine war war and plummeting gas prices, the electric car market has never felt so convenient. But let’s face it. Not everyone can get a new electric car from the factory, which begs the question — is the used electric car market any better?

As Reid notes, there are a lot of variables to consider. For starters, getting a used electric car means accepting it’ll come with a drop in range.

The manufacturer advertised range for a 2018 Nissan Leaf is 151 miles (243 km). Reid’s used electric car currently has a 60-mile (97 km) range. Since electric vehicles don’t do well during winter, the range further drops to 40 miles (64 km) or worse with climate control.

That said, unlike combustion engines that get better miles on the highway, you’ll likely experience a drop in range driving and electric car on the motorway - worse if it’s a used EV.

Electric cars are much cheaper to run than gas-powered alternatives, but a used electric car will definitely be more expensive to run. Reid spends $13 for 60 miles of range for his used EV car. He argues his cheap electric car costs almost the same amount to run as a 40 mpg ICE (not considering the recent gas hikes).

Not everyone is fortunate to have a garage or driveway, which makes off-street charging a requirement, especially if you only have an electric car. At the moment, most people are getting EVs as a second car, which raises the question - how eco-friendly is it running two vehicles?

In the UK, Reid pays the same rate as a regular ICE for his Nissan Leaf’s motor vehicle inspection, which was a little odd since it was apparent they weren’t testing for emissions.

Also, EVs lose their value quicker than ICEs. A survey by Edmunds discovered that popular brands like a Tesla Model X could lose anything between 38% to 55% in two years.

Middle-tier brands like a Nissan Leaf or Fiat 500e could lose as much as 75% of their value compared to a regular ICE like a Civic that loses close to 30%.

EV tech is rapidly developing, and several automakers are already in the race to create a new generation of affordable EV batteries that pack more energy, and charge faster. Therefore, if you are getting a used EV, you’ll need to come to terms that a critical part of its tech is rapidly evolving.