Prices are falling on used EVs. Here's how to get a deal

That’s changing.

“There’s a misconception that EVs are only for the rich,” said Irvin Rivero of Acterra, a Palo Alto-based environmental nonprofit that provides free one-on-one consultations to help consumers learn about eligibility for price-lowering incentives.

“It’s really no longer an issue for lower-income individuals to find an affordable EV. The market has a lot of used models that are under $20,000,” he said. For people who qualify for several incentives, the price can fall below $10,000.

Max Perez was only 23 years old, fresh out of UC Santa Cruz, when he bought his blue 2017 Chevy Bolt. He made a down-payment using his college savings, then applied for Alameda Municipal Power’s $1,800 rebate to install a charger at his rental home.

His main motivation was to fight climate change, said Perez, who works as a consultant for a solid waste management business. “But it was a great value.”

As the spring buying season ramps up, driven by tax returns and better weather, used car prices likely will remain stable until next fall, say experts.

But price isn’t the only thing to weigh: Buying a used EV brings a special set of considerations.

For example, it’s important to know the health of the battery because batteries degrade over time and are expensive to replace. Strong batteries are worth more. But car dealerships aren’t required to test and disclose a battery’s status.

To assess the health of the battery, charge the car, see what the estimated range says, then compare it to the original rating. For a report on the estimated health of a car’s battery, enlist the help of the research firm Recurrent. Also be sure to check the manufacturer’s warranty policy: Many used cars are still be covered under a battery’s 100,000-mile warranty. (Make sure it’s transferable.)

Don’t expect a 100% battery report on a used electric car. But a lesser battery may be fine if you’re buying an EV for around-town errands — and the car will be cheaper. If you expect to take long road trips on a regular basis, a strong battery will reduce “range anxiety.”

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