The Expert Podcast

If you are in the market for a used vehicle, electric vehicle, or even a gas vehicle, you might want to wait another month or two until the beginning of 2025, until January 1st. Here's why: Some of the laws that have been passed and will be enacted at the beginning of the year are going to put huge incentives, tax credits, and discounts on electric vehicles, including used electric vehicles, not just new ones. Many more vehicles that didn't qualify previously might get up to $4,000 towards the purchase of that vehicle. This could be a huge benefit to used vehicle buyers.

Used EVs are now starting to become more popular because, up until a few years ago, there weren't that many new EVs sold. Now that EVs have been on the market for four or five years, a lot more new used EVs are starting to come into the marketplace. The fact that they’re not quite as popular as gasoline vehicles means that the market value on them is cheaper, and the depreciation was greater. Now, you add on this tax credit, and it might be something irresistible. If you can get a very cheap commuter-type car—maybe it's your second vehicle or a third vehicle for a student in the family—you probably don’t want to make it your primary vehicle because you still want to be able to take long trips and have cargo capacity. But for a little commuter car around town, a second vehicle, man, if you can get a used EV very cheap with the tax credit, it has less maintenance, and you might be in good shape.

So, hold off on your used vehicle purchase, or at least start looking at used EVs to see if it makes sense. Again, you don’t want to buy something that’s not going to work for you. You want to buy the right kind of vehicle that serves your purpose. But at least consider it, even if you're not an EV person. At least see what's out there—it might even help you negotiate the price on your gasoline vehicle.

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