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

In addition to the car, there’s the cost of an at-home EV charger that starts at about $500, and installation, which may cost an additional $1,000 to $2,000. Many electric utilities and cities provide rebates for this equipment.

And you need a place to put the charger. For residents without off-street parking, public or workplace chargers are crucial. At apartment buildings and condominiums, landlords are now required to accept a written request for installation if the tenant has a dedicated parking spot and is willing to foot the bill.

It’s tricky to navigate the many tax credit, incentive and rebate options. Each one has restrictions, and they require purchase from a participating dealership. For help, go to the state Air Resources Board’s Drive Clean website or schedule a consultation with Acterra’s e-mobility associate Rivero.

Why are used EVs so affordable? Battery prices have plummeted, falling nearly 90% between 2008 and 2022. And innovations in manufacturing and assembly continue to reduce production costs.

But this year’s sudden price drop is driven largely by Tesla. When the company slashed the cost of its new cars to attract more buyers, it also pushed down the cost of used cars. The price of a used Model X, for instance, fell by nearly $20,000 since last February, according to the consumer report Notebookcheck. The rental car company Hertz recently offered thousands of Teslas at fire sale prices.

This is forcing other automakers to also lower prices and offer promotions. The average price of a used Chevy Bolt has fallen 30%, or $7,847, over the past year, to $17,981. The average used Nissan Leaf dropped $7,329, to $17,895.

Meanwhile, inventory at dealerships is high because three- and four-year leases are expiring, said Acterra’s Rivera. “We’re seeing a lot of 2021 models pop up on the market right now,” he said.

“It’s hard to let go” of a beloved old car, said Burroughs. “But I hated to go to the gas station. Now I just plug my car in, right here at home.”

“And I’m saving money,” she said. “I just absolutely love it.”

To learn more, join Acterra’s “EV Charging Basics Workshop,” via Zoom, on March 27 at 7 p.m.Register here: https://acterra.org/events/ev-charging-basics/