The Expert Podcast

…The price of new vehicles, electric vehicles and even gas vehicles have skyrocketed the average prices for really any kind of significant vehicles 40 50,000 That's going to put you at a payment. Car payment of about a thousand dollars a month. It's pretty significant That's more than some people pay in rent or at least they used to before rents went up. As electric vehicles. Come more popular. A lot of people are going to think well what should I buy used electric vehicle? Maybe to save some money Well, There's more to it than just buying. used vehicle when it comes to electric vehicles or EVs. Used EVs. Have one particular…risk associated with it that you really have to check into and that's the battery. There's an excellent article from MarketWatch about when buying a used ev smart And when it's not, the main factor is the battery's health According to the article. Here's how to weigh the risks. Electric vehicles. Are the future As we know there. Banning gas via. in many states they're really pushing hard to get electric vehicles to become more of a new vehicle option. And as these used vehicles percolate through the system, There will be some opportunities to save some money and buy used vehicle, but it's extremely important. To evaluate the battery Here's why even in this article it says it's all about the battery. Lithium-ion battery is. comparable to the motor in an internal combustion car So your engine. in your car they say motor but really it's called an engine in a gasoline car. That's the, the heart of the vehicle That's the core driving component of the vehicle. In a vehicle that's run. By electricity It's the battery. And after a number of cycles it begins to lose its ability to fully charge just like your cell phone or your computer. And the range will gradually decrease battery degregation doesn't happen overnight. But. As it decreases the car is less valuable. If you purchase an electric vehicle with a 250 mile range. And it drops, you know 15 20 30%. You're going to be down to 160 170 mile an hour range pretty quickly And you might think well, can it really drop 30%? Well if you look at the warranties. On most EVs. The new car warranties. The warranty for the battery last eight years a hundred thousand miles. Usually in that range, however, The warranty doesn't kick in until the battery is less than 70%. Most of the EV manufacturers consider a battery with 70% or more of charging capacity. Range. To be fully functional. So you can have a vehicle that is 29% 28%. Reduced battery capacity and still not be able to put in a warranty claim for a new battery. So what does that mean That means you'll be on the hook. Battery. If it does need to be replaced Costa new batteries could be up to $20,000 We've actually seen more than that on our channel We've had examples of repair orders of batteries that have been 30,000 and more for a battery and some electric vehicles There aren't even any batteries manufactured for that car anymore So even if you wanted to pay 50,000, you couldn't get another replacement battery. So here's the takeaway They tell you when you're shopping for used EV. Check the range. Get a used car inspection. or local EV mechanic to calculate if the range. is what it's supposed to be, because if you have a vehicle that you need to count on to get you. To a certain destination every day. And your range isn't going to get you there or you have to recharge it every other time that might defeat the purpose of buying a used EV in the first place.