Now is a great time to consider purchasing a used electric vehicle, as the average price for a used EV has decreased by approximately 20% compared to last year, based on Edmunds transaction data. Additionally, buyers can benefit from a federal tax credit of up to $4,000 when acquiring an EV priced at $25,000 or less. To aid in the search for a suitable used EV, Edmunds' car experts have compiled a list of their top five favorite models, along with average pricing from nationwide no-haggle dealerships like CarMax or Carvana.
Chevrolet Bolt EV
The Chevrolet Bolt EV is a budget-friendly option for those seeking an affordable used EV. With a spacious cabin and an EPA-estimated driving range of 259 miles, the Bolt EV is a practical choice. However, it has limitations in terms of fast-charging capabilities at public stations. Look for newer models from 2022 and 2023 for updated styling and enhanced tech features.
Hyundai Ioniq 5
The Ioniq 5 stands out with its futuristic design and SUV functionality, offering ample passenger space and quick-charging capabilities. While it may lack in cargo space, it provides a comfortable interior and all-wheel drive options. Opt for models from 2022 onwards and avoid the Standard Range version for better performance.
Tesla Model Y
The Tesla Model Y impresses with its SUV features, including generous cargo space and roomy seating. While some models offer a third row, it is limited in size. Most used examples are Long Range models with around 300 miles of range, but access to Tesla's charging network is a significant advantage. Finding a Model Y below $30,000 that qualifies for the tax credit may be challenging.
Ford F-150 Lightning
The Ford F-150 Lightning caters to truck enthusiasts, offering the functionality of a regular truck with an electric powertrain. With all-wheel drive and substantial torque, it provides ample power and tech features. Look for the 2022 model with a driving range of 230 to 320 miles, depending on the battery pack size.
BMW iX
Despite its distinctive grille, the BMW iX is a luxurious electric SUV with a spacious and comfortable cabin, powerful performance, and advanced tech features. While lacking a third row, it offers a premium driving experience. Opt for the xDrive50i model for ample power and a range of over 300 miles on a single charge.
Edmunds recommends considering a used EV as a cost-effective option, but advises conducting thorough research to secure the best deal and vehicle for your needs.
