With the electric vehicle (“EV”) industry growing older, customers who would like to reduce their carbon footprints now have the option of buying a used electric vehicle. Because these vehicles cost less to run and maintain, they tend to have more value for money than conventional used cars. But before you make any purchases, check out these pros and cons to help you decide whether a used EV is the best choice for you.
Let’s start with the pros.
They are cheap. Vehicles start to lose their value the moment they hit the road, and that is even more so EVs. On average, a used electric car will cost 43% to 72% less than a new one. A Tesla Model X that was bought brand new at $144,950 can be sold for $90,101 (37% less), and a Fiat 500e worth $32,392 when new goes for around $8,669 (73%) less after three years.
They offer a smoother driving experience than most secondhand cars. An EV is quieter and vibrates a lot less as it doesn’t have an internal combustion engine. Additionally, the placement of its battery pack gives it a lower center of gravity, making it feel more stable and secure on the road.
They are easy on the environment. A study from the Union of Concerned Scientists found that “battery electric cars make up for their higher manufacturing emissions within 18 months of driving.” Once the vehicle reaches your hands, it will already have been driven to the point where it has a positive impact on the environment.
However, buying a used EV comes with a few cons as well.
They have reduced battery life. As EV batteries age, their performance and rangedecreases. On average, an EV retains 80% of its original capacity under normal use after five years. However, factors such as extreme heat, high speed and charging methods can reduce the vehicle’s battery life before it hits the secondhand market.
Charging requires a lot of forethought and planning. Will you charge from home or work, or use public charging stations? You will have to install a home charger if you wish to charge at home, and the parts and labor to do that can cost anywhere from $400 to several thousand dollars. If you opt for public chargers, you need to make sure charging stations are located near where you live and take note of their pricing.
Outdated technology can be a bummer, especially in an industry that’s quickly becoming famous for combining innovative software and hardware. If you are buying a vehicles that’s a couple of years old, you’ll have to come to terms with the fact that it may become outdated. For instance, EV makers and battery makers are consistently working to improve software as well as battery performance and range, and each year, improved models are being released.
A used EV can still be a great purchase. As long as you’ve handled the charging situation, you’ll have a vehicle that runs on clean energy and produces minimal emissions. On top of that, these vehicles are cheaper to fuel and maintain over the long run.
One player in the electric vehicle industry you should watch is Net Element (NASDAQ: NETE). This company is a global financial solutions provider that recently announced a merger with an EV company based in California. This merger is still awaiting regulatory and shareholder approval.
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