Electric cars are not only the future of transportation, but they're already making waves in the American economy.
But for those who don't want to break the bank, an electric vehicle may not seem like a financial possibility. Luckily, used EVs can be a great option, especially now.
How much do used electric vehicles cost?
The price of a used EV will depend on the make and model, as well as its condition, features, and year.
In April, Forbes reported that the average price of a used EV was around $43,400 at the start of the year. This still relatively expensive figure makes sense since many of the used vehicles were quite costly to begin with.
Forbes also noted, however, that the prices of used EVs are shrinking, quoting an editor of Cars.com, Jane Ulitskaya, who said, "We've seen pricing on used EVs has dropped fairly substantially from 2022 to 2023."
Are there tax incentives for buying used EVs?
Yes! Thanks to the Inflation Reduction Act, you can get a tax credit worth up to $4,000 if you opt for a used EV.
The used EV tax credit will be worth up to 30% of the price of the car and can max out at $4,000. There are also restrictions on the weight and maximum MSRP of the vehicle that could affect eligibility for the tax credit. And it's essential to note that income limitations exist on eligibility for this tax credit.
Why swing for a used EV?
Because EVs are powered by electricity, they are cheaper to operate than traditional cars. Rewiring America claimed that they can be between three and six times cheaper to drive when compared with internal combustion engine vehicles.
Plus, they produce way less asthma-worsening and planet-overheating pollution (and none from a tailpipe). And because they don't rely on oil, they don't contribute to oil dependence or price fluctuations.
EVs are also cheaper to maintain than traditional cars in part because they don't require oil changes or air filter tune-ups.
The bottom line: EVs are cheaper to maintain and are cleaner and more convenient to use than traditional cars. And the $4,000 tax credit is a nice bonus, too.
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