I’ve been thinking about used electric vehicles lately. It’s not news that EVs depreciate faster than gasoline-powered cars. All the incentives like tax credits and OEM rebates that entice the first owner to sign the paperwork are factored in by whoever wants to be the second owner. There are widespread—if mostly ill-founded—worries about battery longevity and having to shell out for expensive replacement packs. Technology keeps improving, which means older models will date faster. Plus, there are the usual concerns about EVs, like charging infrastructure and winter performance.
So depreciate they do, and that’s good news for the three-quarters of US car buyers who buy used vehicles. It means that some very expensive EVs can now be had for quite little, but we’ll explore that more at a later date. Today, I want to focus on what you can get for peanuts. What if you wanted to only spend $5,000—or less—on an EV?
As it turns out, there are options even at this end of the market. Just don’t expect that much in the way of range: We’re still a while away from a $5,000 EV also being an EV a sane person would want to road trip. At the same time, most of us don’t drive more than 40 miles a day, and EVs are great at sitting in traffic because there’s no engine to idle. If you’re not commuting long distances and don’t live an hour from the nearest town, a cheap EV could make sense as a runabout. Especially as they’re cheaper to run than a gas-powered car.
