Electric vehicle prices are dropping, so you might think that it would make more sense to buy one new. But the average price for an EV in late 2023 was $50,683 — that’s still 28% higher in cost than a gas vehicle.
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However, car experts told GOBankingRates that some electric vehicles might be better to buy used rather than new, bringing the price down even more.
“Two years ago, I would have always recommended that consumers opt for a new EV over a used one,” said Nigel Tunnacliffe, the co-founder and CEO of Coastline Academy, the largest driving school in the country. “This was due to a mixture of tax incentives and the high prices of used EVs, which were close enough to the new models that it did not make sense to invest in pre-owned vehicles.
“However, in just the past two months, used EV prices have dropped quite dramatically, making this a better time than ever to opt for a used car.”
Here are the electric vehicles experts say you should always buy used.
Tesla Model 3
A new 2024 Tesla Model 3 starts at $40,630, but you can get a 2022 model with 50,000 miles on it for $22,995, according to Kelley Blue Book.
Tunnacliffe owns one himself and said he’d opt for a used one over a new one, given the combination of cost-effectiveness and vehicle quality.
“These are well-made cars that have responsive handling and strong reliability, making them great for everyday driving,” he said. “The savings on gas, plus the reduced up-front price when buying used, makes a used Tesla a better long-term investment than most other vehicles.”
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Hyundai Kona
Jan Kawecki, the marketing manager at F1Blast, said the best used EV to buy right now on the market is a Hyundai Kona. According to Kawecki, the battery on a Kona is just as durable, if not more durable, than a lot of other EVs. Plus, the EV has a very appealing design.
“When you sit in a modern EV, you will most likely be overwhelmed with the buttons, screens and options you have no idea existed,” Kawecki said. “This is not the case with Hyundai Kona. The interior is minimalistic and really slick, but it does not mean that you can’t access the same options. You still can access your favorite accessories Hyundai has to offer, but the dashboard is much cleaner and, in my opinion, better looking.”