Most Affordable Used EVs
It wasn’t that long ago that EVs - both new and used - were outside of the budget for many Americans. A mere four years ago, back in 2021, the average price of a new electric vehicle was $53,048 – $17,326 more than the average price of a gas-powered crossover. As of December 2023, the price difference was just about $2,000, before any incentives or credits were factored in.
When it comes to used EVs, many segments have become more affordable than used gas cars. While the rapid depreciation of barely used EVs has scared off some buyers and dealers, it means there are fantastic bargains to be found. Most used EVs have batteries still under warranty, plus, all indications are that batteries are holding up incredibly well.
Is Now a Good Time to Buy a Used EV?
Moreover, the free fall in used EV prices is coming to a halt. If you’ve been holding off on a used EV because you are worried about depreciation, now is a great time to look again.
Over the past two quarters of 2024, used EV prices have been gradually stabilizing. Nearly 60% of the current inventory is now priced under $30,000, a significant increase from just a year ago. The affordable market share today is more than triple what it was in August 2022, when the Inflation Reduction Act was enacted. Additionally, the percentage of cars priced under $25,000, which may qualify for the used EV tax credit, has risen to over 30%, doubling the share from August 2022.
If all this sounds like great news to you, you may be wondering what cars you might find at different price ranges. Here is a sample of some of the modern, tech-forward electric and plug-in hybrid models that are available today. Note that lower priced models may skew towards base trims.
Best Used EVs Under $25,000
As electric cars become more mainstream, there are more and more used EVs available on the market, which has helped drive prices down. Some of the best bargains are in the $25,000 range – and they are well-known, dependable models from well-established brands. And don’t forget, if you qualify, these $25,000 used EVs qualify for the $4,000 federal used EV tax incentive – significantly lowering their real-world purchase price.
Don't forget that plug-in hybrids are also eligible for the tax incentive!
● 2018 Tesla Model 3 - 260 to 310 miles of EPA rated range
● 2023 Chevrolet Bolt EUV - 247 miles of EPA rated range
● 2018 Honda Clarity - 48 miles of EPA rated all electric range, 340 miles total
● 2015 Tesla Model S - 208 to 270 miles of EPA rated range
● 2017 Hyundai Sonata Plug-in Hybrid - 27 miles of EPA rated all electric range, 590 miles total
● 2023 Nissan Leaf - 150 to 215 miles of EPA rated range
● 2020 Hyundai Kona EV - 258 miles of EPA rated range
● 2018 Toyota Prius Prime - 25 miles of EPA rated all electric range, 640 total miles
Best Used EVs Between $25,000 and $30,000
Expand your budget to $30,000 and you start to get access to some of the latest-generation electric cars, often with relatively low mileage. $30,000 can buy you a great EV crossover with over 200 miles of range, and usually one that is less than five years old.
● 2022 Volkswagen ID.4- 245 - 280 miles of EPA rated range
● 2021-2023 Tesla Model 3 - 220 to 310 miles of EPA rated range
● 2024 Nissan LEAF - 151 miles of EPA rated range
● 2020 Jaguar I-PACE - 234 miles of EPA rated range
● 2021 Ford Mustang Mach-E - 211 to 305 miles of EPA rated range
● 2023 Hyundai Kona EV - 258 miles of EPA rated range
● 2021 Volvo XC40 Recharge Pure Electric - 208 miles of EPA rated range
● 2022 Chrysler Pacifica Hybrid - 32 miles of EPA rated range all electric range, 520 miles combined
Best Used EVs Between $30,000 and $40,000
Nearly 75 percent of all used electric car listings are under $40,000. This means a ton of selection and some pretty high-end brands!
● 2021 or 2022 Polestar 2 - 233 miles of EPA rated range
● 2023 Hyundai Ioniq 6 - 240 - 360 miles of EPA rated range
● 2022 BMW 530e - 21 miles EPA rated all electric range, 350 miles combined
● 2020 Porsche Cayenne - 14 miles EPA rated all electric range, 480 miles combined
● 2019 Tesla Model S - 259 to 370 miles of EPA rated range
● 2023 Nissan Ariya - 205 to 304 miles of EPA rated range
● 2023 Kia EV6 - 206 to 310 miles of EPA rated range
● 2023 Toyota bZ4X - 222 to 252 miles of EPA rated range
● 2024 Hyundai Kona EV - 260 miles of EPA rated range
● 2023 Subaru Solterra - 222 to 228 miles of EPA rated range
Conclusion: Now Is the Time To Buy a Used EV
If you’ve been thinking of making the switch to electric, it’s likely that there won’t be a better time to purchase a pre-owned EV. While prices for used electric cars have dropped significantly over the last few months, values have leveled out. There’s a huge selection of vehicles available at affordable price points – plus you’ll enjoy the benefits of low fueling and maintenance costs.
