After a year of bad news for the electric vehicle industry, there’s still a bright spot — the used car market. Pre-owned EVs are a bargain right now and could stay that way for the next couple of years.
That’s especially true when compared to the new car market.
In general, new EVs cost more than comparable gasoline-powered vehicles because of the high cost of their batteries. And U.S. consumers no longer can use a discount of up to $7,500 from the Inflation Reduction Act to buy new EVs because President Donald Trump and congressional Republicans got rid of it.
But on the used market, the price difference between battery- and gasoline-powered cars is narrower, and the electric versions tend to have fewer miles on the odometer when they go up for resale, said Ivan Drury, an analyst for the market research firm Edmunds.
