Used EV Prices Fall Far Below Used Gas Car Prices and Considerable Bargains Outsell Used Gas Cars

Used EVs have become a huge bargain right now, and we are seeing reports that not only are they cheaper than their gas car equivalents, but they are also selling, used, at higher volumes. Having purchased one of these cars myself, a 2022 Audi E-Tron GT that sold new for $126K and I bought for $56K a couple of months ago (that’s $70K off), I can support that they are a huge bargain right now and with interest rates still high (expected to drop modestly shortly) this savings has a massive impact on monthly car payments.

This also showcases that automobiles, and electric vehicles in particular, have elastic pricing, which means demand changes dramatically with price, and again showcases the danger China represents to the world EV market given they are now able to build and sell electric vehicles for prices far below other countries. They are using their various acquired monopolies not to raise prices (yet) but to corner the EV Market.

The Advantage Of A Used EV

 Due to their range limitations, EVs tend to be low-mileage cars, and there isn’t much to their upkeep. In addition, with some exceptions, they tend not to be driven very hard. EVs don’t need oil changes tune-ups, they don’t have complex motors, and while the batteries remain both their expensive single component and the most troublesome, most issues are the result of poor software development or mistakes in manufacturing essentially become compared to ICE (Internal Combustion Engines) electrical motors are far less complex. These motors generally don't need to be serviced for their entire life if adequately specified and appropriately assembled.  

In addition, over the first two years of a typical electric car, most of the build issues (and there have been many quality control issues with electric cars, particularly those built by Tesla) have been resolved, often making a used EV far less problematic than a new one.

In addition, even though the battery is a weak link with EVs, the lack of high-speed chargers has reduced the use of these chargers, and high-speed charging tends to degrade EV batteries prematurely. Thus, while it is advised you have your dealer check the battery on any used EV you intend to buy, a used EV is generally (obviously, there are exceptions) in better shape than a used ICE car of the same year. It will also generally have lower mileage.   

In my case, the two electrics I bought used were no different to me than new cars; the upholstery was in good shape, and the paint was in good shape. I just had some issues with wear on the windshield with the latest car that I was able to correct with a topical treatment mostly. And given my latest car hadn’t changed measurably until the 2025 models came out (which are significantly more powerful but, other than that, nearly the same) the experience has, to date, been better than when I bought a new EV.

To give you an idea, in the first year of my 2019 I-Pace, I had the car towed to the dealer, where the paint was destroyed by someone who wiped the car down dry while covered with volcanic dust (which is highly abrasive). The second time that car was towed, the tow driver damaged the battery ($100K replacement cost) and totaled the car.  Comparatively the used 2022 E-Tron has had no issues. However, that was partially because it was a certified used car (something I recommend for any used EV because it generally will extend the warranty for a year). 

Wrapping Up:

Used EVs are a huge bargain right now, but I’d still advise that if you intend to drive distance, this is a second car, not a primary car, due to the incomplete nature of public charging and that, with any EV, you only consider one if you can charge at home at night. The people who can charge their EVs at home are the happiest with the result, and the least happy are those who don’t have garages where they can charge their cars in. Even people who can park their cars outside have found that other EV users may use their chargers when they aren’t home, and if you have to pull a charging cable over the sidewalk, you’ll open yourself to liability or city fines due to the trip hazard that represents. 

But if you have a garage, either don’t take long car trips, or have a second car, a used EV is one hell of a bargain right now and well worth the reduced cost of entry.

Rob Enderle is a technology analyst covering automotive technology and battery developments at Torque News. You can learn more about Rob on Wikipedia, and follow his articles on Forbes, on X, and LinkedIn.