Electric vehicles are evolving so quickly that it seems like yours will become outdated and obsolete in less than a year. While that’s not technically true, EVs have the most advanced technology and automotive features to make them more enticing and capable than ever before. Despite the advancements being made every year, buying a one-year-old EV could be the sweet spot in terms of value and warranty, making it easy to have an electric vehicle without paying new car prices.
Most electric vehicles are more expensive than traditional gas-powered vehicles. The advanced technology that goes into these alternative fuel vehicles, coupled with the demand for them, has pushed their average prices higher than most other models. Still, you won’t need to wait three to five years to get a great deal on an EV. In fact, under current government programs, you can receive an incentive for buying a pre-owned electric vehicle, which means that a one-year-old model could be even cheaper than you first anticipated.
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Pros And Cons Of A One-Year-Old EV
Pros
- Low maintenance costs, low mileage (most likely), and low purchase cost.
- Smooth driving experience compared to gas-powered vehicles.
- Much cleaner for the environment.
- Strong driving range compared to much older EVs.
- Most of the warranty should still be intact.
Cons
- Potential for diminished battery performance.
- You must install and buy your own home charger.
- Some tech could already be outdated.
- Mileage could be higher than expected if the EV were used for ride-sharing or deliveries.
- Diminished resale value.
Many EVs Take A Huge Depreciation Hit After One Year
The Federal Tax Credit Factor
Many automakers have worked hard to ensure their electric vehicles would qualify for the $7,500 Federal Tax Credit. This credit gives shoppers more options than ever before, especially since the new version of this credit was passed. EV shoppers can take the $7,500 off the price of an EV at the dealership and no longer have to wait to receive this credit when filing their taxes. Additionally, EVs that don’t qualify for the credit as a purchase qualify for it through lease programs. There are qualifying factors, but the incentive to buy a new EV and use the tax credit means many shoppers look for a new model rather than a pre-owned version.
Lower Prices Make Sense
Because many EV shoppers will look for a new model rather than a pre-owned electric vehicle, even one that’s only a year old, used EVs that are relatively new must be priced lower. This is the general rule of supply and demand. When there isn’t a demand for a product, in this case, the one-year-old EVs, the price must be lowered, or the supply will stagnate and saturate the market. This translates into massive depreciation figures for nearly new EVs and incredible savings for you.
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EV Battery Packs Come With Long Warranties
The Federal Regulations Benefit You
Many traditional vehicles don’t come close to giving you the warranty coverage that you’ll find for an electric vehicle battery. The federal government mandates that all EV batteries must have coverage for a minimum of eight years or 100,000 miles. Some automakers extend that coverage to 10 years, but that’s a lot of coverage for the battery packs in an EV.
Declining Driving Range
One of the greatest worries of driving electric vehicles is the decline in driving range over time. EV batteries use components that eventually lose their ability to hold a charge as long as previously. You should be in good shape with a one-year-old EV, especially if it has low miles. If you find this EV with less than 15,000 miles on the odometer, you’ve got seven years of the battery warranty and 85,000 miles before the warranty runs out. This should give you plenty of driving distance to enjoy the electric vehicle for many years.
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The Bugs Have Been Worked Out After One Year Of Driving
The Newness Factor
EVs aren’t brand-new to the automotive market, but EVs that can drive as far and offer similar capabilities to gas-powered vehicles are relatively new. The newness means some drivers still aren’t sure about how EVs feel on the road, what to expect, and how to handle the challenges of electric charging and driving ranges. If you have to deal with these new factors and have a brand-new vehicle that ends up with some flaws that require recalls and warranty work, it’s easy to get frustrated.
The First Owner
Because you’re looking for a one-year-old EV to drive, the first owner should face any flaws and issues that come with the vehicle. Like any other vehicle, you should check to ensure the EV you’re considering has had the recall work and warranty work completed before you consider the purchase. Additionally, if the EV was a lease, you can expect the proper maintenance and care to be completed by the dealership during the lease term.
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Experts Have Had Time To Rate EVs
Initial Impressions Versus Long-Term Tests
Some vehicle experts test vehicles once and provide the initial impression, which could be a glowing summary of what the vehicle offers, while others will test vehicles for several thousands of miles and report their findings at various intervals. These long-term tests give you a much more complete impression of what the vehicle offers. These longer tests also allow the testers to take the EVs for long drives and put them through various normal situations that arise during the course of a year to offer opinions and experiences that you can use to your advantage.
Expert Raters Need Time
Have you ever visited expert sites such as J.D. Power expecting to find their ratings of a vehicle only to see the model wasn’t rated? That can happen and often does if the vehicle you’re considering is a trim of another model, such as the BMW M3, which is part of the BMW 3 Series lineup. This shouldn’t happen with EVs, which are their own models, but reviewers and experts need time to rate vehicles. Often, vehicles hit the market before experts have completed their rating, but if you choose a one-year-old EV, there’s a good chance you’ll find the expert rating before you buy your electric vehicle.
Consumer Reviews And Responses After One Year
Another Time Factor
Similar to expert reviews, time is necessary for consumers to provide their reviews and opinions of vehicles. These reviews are likely to be direct and an honest accounting of the experiences some people have had with the vehicle. By reading the consumer reviews and understanding how many have fared, you can make an informed decision before purchasing a one-year-old EV.
In A Nutshell
Choosing a one-year-old EV should be the sweet spot for pricing and the warranty because it should have taken a large depreciation hit and still have most of its battery warranty available to you. Other factors should be considered, such as expert reviews, new vehicle kinks, and consumer opinions, but the most important are the low price and battery warranty. If you find the EV you want to drive with low miles, a good price, and excellent reviews, you should have several years of electric vehicle driving pleasure ahead of you.
