Should You Buy A New Or Used Electric Vehicle?

October 19th, 2022 by

The decision of whether to shop for used or new electric vehicles is a matter of personal preference. In addition to upfront costs, consumers should also consider tax incentives and battery performance when buying an electric vehicle.

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Anytime you are shopping for a vehicle, the question of whether to buy new or used needs to be asked. There are obvious pros and cons to each. But when shopping for electric vehicles, there are added concerns that should be factored into your decision. The electric vehicle market is still relatively new. As such, not everyone is as familiar with the different factors that can impact an electric vehicle’s value and performance.

Additionally, new electric vehicles are also evolving at a faster pace than other cars. As the capabilities of EV battery technology improve, so do the values of new electric vehicles. This is another matter that can complicate the decision of whether to buy a new or used electric vehicle. If you are still unsure, this helpful guide can provide more information.

New vs. Used Electric VehiclesLexus NX Luxury Electric Vehicle

The age-old wisdom about comparing new cars to used ones is simple: new vehicles cost more but come with less risk and, sometimes, more advanced features. Used vehicles come at a discount, but might have more wear and tear on them. This remains true for electric vehicles. However, these are not the only factors to consider when weighing the decision between used and new electric vehicles.

Pros of Buying New Electric Vehicles

The market for electric vehicles is both extremely competitive and relatively new. This means that every auto manufacturer is working hard to innovate and create better technologies every year. As a result, there may sometimes be a greater performance jump from one year to the next with new electric vehicles. This is particularly true when it comes to battery performance. Just a few years ago, many EVs had a total battery range of around 100 miles. In 2022, many high-end luxury electric vehicles are capable of exceeding 300 miles on a single charge.

When you buy a new EV, you are ensuring that you’re getting the best available technology at the moment. Even an EV from a few years ago might lag behind the 2022 models.

Another benefit to buying new when it comes to EVs is that you can instantly qualify for tax benefits. The Federal Tax Credit for buying new electric vehicles is $7,500. That means you can essentially get $7,500 back on next year’s taxes when you buy a new EV. Most states also offer their own additional tax incentives for new EV buyers.

Lastly, it is often easier to find new electric vehicles for the time being. This is because many EV models are still relatively new to the market, and thus there are fewer pre-owned electric vehicles available.

Pros of Buying Used Electric VehiclesPorsche Taycan 4 Cross Turismo Luxury Electric Vehicle

The advantage of buying used electric vehicles stems largely from the cost. As with any used vehicle, a used EV will come with a lower price tag.

As mentioned above, EV technology is changing rapidly. While this can be seen as an advantage to buying new, it can also be taken the other way. If you would like to get a taste of electric vehicles without a major commitment, buying used can work for you. If you like it, you can upgrade to a new model later on, when EV performance and technology have advanced even further.

Electric Vehicles for Sale

If you are interested in learning more about new and used electric vehicles for sale, browse Ray Catena’s inventory of luxury electric vehicles. Ray Catena carries LEVs from the top luxury names – like Audi, Porsche, BMW, Mercedes-Benz, and more.

Ray Catena Auto Group is the tri-state area’s LEV leader. View all of our dealership locations or contact us today and we’ll help you get started in the world of Electrified Luxury.

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Posted in Luxury Electric Vehicles