The Best EV Deals Now Are on the Used Market

As the electric vehicle (EV) market cools down, many car buyers are shifting their attention from new EVs to “pre-loved” vehicles. According to industry data from Cox Automotive, used EV sales surpassed 100,000 for the first time in the second quarter of 2025, signaling a significant shift in consumer behavior. This trend has emerged as one of the rare bright spots in a market that has seen a decline in new EV sales, driven by various factors, including high sticker prices, uncertainty around federal tax credits, and a lagging charging infrastructure.

Price is Key

One of the main reasons for this shift is the steep drop in used EV prices. In 2024, used EV prices plummeted nearly 32% compared to 2023, which is almost 10 times the drop seen in used gasoline-powered vehicles. This price drop has made used EVs much more affordable, with the average used EV costing around $30,900, bringing it in line with the average price of a used gas-powered vehicle. However, the price difference is even more striking when compared to new EVs, which still average about $17,300 more than their gas-powered counterparts.

For buyers like Christopher Andrzejczak, a systems engineer from Orlando, Florida, the used EV market has become a golden opportunity. Andrzejczak, who has owned five EVs over the past decade, purchased a 2021 Ford Mustang Mach-E with just 6,000 miles on it for $36,000, which was less than half of its original price. The car came with an extended warranty and several upgrades, such as tinted windows. For him, the decision to buy a used EV was an easy one, despite the depreciation risks. "I was willing to take a risk on that," he said, recognizing that the previous owner had absorbed the bulk of the depreciation.

Used EVs, especially those bought at the right price, are offering significant value, primarily due to the faster-than-usual depreciation of EVs. Many buyers see this as an opportunity to save money while enjoying the benefits of owning an electric vehicle. One of the main reasons for the rapid depreciation is concerns about battery life and replacement costs, which can be significant but are still relatively rare. Additionally, the fast pace of technological advancements in EVs can quickly make older models seem outdated.

Although new electric vehicles tend to be more expensive to own than their gas-powered counterparts when considering purchase price, maintenance, and fuel costs, used EVs offer an opportunity for savings. A recent analysis by AAA found that, on average, new EVs cost about $800 more per year to own than gasoline vehicles when factoring in all costs, including fuel, maintenance, insurance, and fees. However, once depreciation is removed from the equation, EVs are actually cheaper to own in the long run—by more than $900 annually. This makes used EVs even more attractive, as they have already absorbed most of the depreciation.

For those who are still hesitant about buying a new EV due to price concerns, used EVs present a cost-effective alternative. Buyers no longer have to pay a premium for an electric car that hasn't yet depreciated. The used EV market is also seeing increased interest due to the expiration of federal tax credits for new and used EVs. With these incentives set to end in September, buyers are rushing to purchase used EVs while they can still benefit from the $4,000 federal tax credit.

Even with the tax credit expiration looming, buyers are finding that the used EV market is still incredibly competitive. Jason Wallace, the owner of Electrified Autos, a used EV dealership in Joplin, Missouri, has seen firsthand the rising demand for affordable EVs. Wallace, who made the decision to focus exclusively on electric vehicles last year, says that many buyers are motivated by the desire to save money. “That’s all that matters to them,” he said. As a result, his dealership has had no trouble selling used EVs at the right price.

But Buyer Beware- Buying a Used EV vs. an ICE Vehicle

While buying a used electric vehicle shares many similarities with purchasing a used ICE vehicle, there are additional factors to consider. The battery health, software compatibility, and charging infrastructure are critical components that can impact the long-term value and usability of the vehicle. By paying close attention to these factors and thoroughly inspecting the vehicle, you can make a more informed decision when purchasing a used EV.

As the EV market continues to mature, the availability of quality used electric vehicles will increase, and the technology surrounding them will only improve.

For now, it’s essential to weigh the long-term costs and benefits of EV ownership and ensure you’re getting the best value for your investment. With the used EV market offering attractive deals, it’s clear that consumers are finding significant value in purchasing electric vehicles that have already experienced their steepest depreciation.

As the demand for EVs continues to shift, the used market remains a bright spot for both buyers looking to save money and for the electric vehicle industry as a whole. Despite the challenges facing the new EV market, used EVs are emerging as an affordable alternative for drivers looking to make the switch to electric without breaking the bank.

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