The Expert Podcast

There’s a lot of very interesting things going on in the used vehicle market, and some of it has to do with electric vehicles. Even if you’re not interested in electric vehicles, there are some factors at play. First of all, in general, there’s a big demand for used vehicles overall, and a lot of it has to do with the fact that prices are dropping. As prices drop, you know the old saying: supply and demand, right? If you have more supply and lower prices, you’re going to have more people wanting to buy.

People are starting to see that used vehicles are a good option compared to new vehicles that have become so expensive. So there’s a demand for vehicles overall, and used cars are really being snapped up.

Now, what about electric vehicles? This is a great article from Automotive News, an industry insider publication, saying that used EVs could be the answer for consumers seeking affordability. These cars are dirt cheap. Used EVs are the biggest, best-kept secret out there for consumers. The reason is the huge depreciation on them, making them really cheap, plus you can get an incentive — a kickback — on used EVs from the government.

Used EVs are a huge opportunity, and there’s a lot of availability of these vehicles. Lots of people are not going after them. It’s a great vehicle, and most shoppers don’t know they want an EV because they don’t realize they can afford one. A lot of people think that it’s going to be too expensive, but these vehicles are a lot more affordable.

We’ve seen Hertz dumping their entire EV inventory. Take the Chevy Bolts, for example — they’re one or two years old with low mileage, and they’re selling for $12,000, $13,000, or $14,000. There are used Teslas for $25,000.

There’s also going to be a lot more of them eligible for a tax credit. Here’s why: The federal government offers a $4,000 tax credit, but the vehicle has to be at least two years old. Well, in another month or so, it’ll be 2025. That means 2023 vehicles will now be eligible for a tax credit.

Why is that important? Well, it’s just another year, but not just any year. From 2020, 2021, and 2022, there was a shortage of new vehicles being produced. Remember the pandemic? Remember the supply chain issues? You should, because in 2021 and 2022, there weren’t a lot of vehicles produced. In 2023, there was a sharp spike in production of EVs, which means now there will be a lot more available in the used car market that qualify for this incentive.

So even if you’re not that interested in a used electric vehicle, before you discount it completely, look at the pricing. Check out the Hertz inventory that’s being dumped into the marketplace. Look at your local dealer, look on eBay, look on AutoTrader — see what they sell for.

Look, if you still hate them and don’t want one, that’s great. But before you dismiss it entirely, see how much cheaper it could be compared to a gas vehicle. Maybe consider it for a second or third car to see if it might be worth something, even if you weren’t initially looking for an electric vehicle.

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