The Expert Podcast

• The used electric vehicle market is experiencing significant evolutionary flux with major changes happening in recent years
• Until 2021, used electric vehicles represented a very small portion of the used car marketplace
• More EVs are now entering the used market while there's a shortage of other vehicles
• Growing number of used car buyers are considering used EVs as a viable option

• No federal $7,500 tax credit available for used EVs (only applies to new vehicles)
• Used EVs may already be discounted by the amount of the original tax credit since the first owner received it
• Potential savings of thousands of dollars compared to new EV prices due to this built-in discount
• Some states offer additional state income tax credits, with some as large as the federal new car credit
• These state incentives can make used EVs significantly cheaper than new car sticker prices indicate

• Local electric companies and utilities may offer rebates for used EV purchases
• California Edison provides an example of utility company rebates for used EV owners
• Substantial fuel cost savings over the vehicle's lifespan compared to gas vehicles
• Electricity costs typically much lower than gasoline expenses

• Battery replacement is a legitimate concern that could result in four-figure repair bills ($8,000-$10,000)
• Most EV batteries don't need replacement unless keeping the car for many years
• Key concern: ensuring your specific vehicle doesn't have a prematurely failing battery
• Vehicles used in hot weather or extreme conditions may have higher battery failure risk
• Proper inspection and research of battery health is crucial before purchase

• Current EV resale values are generally below average compared to gas vehicles
• Industry experts predict this trend will change within the next 1-2 years
• As combustion vehicles become less in demand, used EVs may surpass them in resale value
• Modern electric cars with remaining battery life could become budget-friendly options
• Internal combustion engine cars may become prohibitively expensive in comparison
• Market dynamics suggest EVs will "leapfrog" traditional vehicles in value retention