November 07, 2024

Edmunds: Here’s what to buy as used EV prices continue to drop

By Michael Cantu
The Bolt EV is no longer in production, but there is a good selection of used models, including this 2017 Bolt EV, available.

The Bolt EV is no longer in production, but there is a good selection of used models, including this 2017 Bolt EV, available. (AP photo/AP)

Now is a great time to purchase a used electric vehicle. The average price for a used EV has dropped about 20% compared to this time last year, according to Edmunds transaction data.

To top it off, you can qualify for a federal tax credit of up to $4,000 if you purchase an EV for $25,000 or less.

To help with your search, Edmunds’ car experts have rounded up five of their favorite used EVs. The average prices below are what you can expect to pay at a nationwide no-haggle dealership such as CarMax or Carvana.

Chevrolet Bolt EV

The Chevrolet Bolt EV could be a great choice if you’re searching for an inexpensive used EV. Older Bolts can be quite affordable, especially if you get one that qualifies for the $4,000 tax credit. Chevy produced the Bolt through 2023.

The Bolt EV boasts a spacious cabin and an Environmental Protection Agency-estimated driving range of 259 miles, which is quite good for an older EV. On the downside, the Bolt can’t charge very fast at public fast-charging stations.

Look for: Bolts from 2022 and 2023 received fresh styling and improved tech features. There’s also a SUV model called the Bolt EUV that was available from 2022 to 2023.

2017-2022 models have a battery recall, so make sure it’s been addressed in the one you’re interested in.

2017-2023 pricing: approximately $15,000 to $25,000.

The 2022 Ioniq 5 stands out with its retro-themed styling and impressive performance and comfort.

The 2022 Ioniq 5 stands out with its retro-themed styling and impressive performance and comfort. (AP photo/AP)

Hyundai Ioniq 5

The Ioniq 5 isn’t an average-looking SUV; it almost resembles a futuristic Volkswagen GTI with its sporty retro-modern look. But it still performs SUV duties thanks to ample passenger space, available all-wheel drive, and a user-friendly comfortable interior.

It’s also one of the quickest-charging electric SUVs at a public fast-charging station. We just wish it had a larger cargo area.

Look for: The Ioniq 5 came out for the 2022 model year. There are plenty of used examples, but not as many as the Tesla Model Y.

Ideally, you’ll want to get any Ioniq 5 that isn’t the Standard Range model. This entry-level version is the slowest and has the least range.

2022-2023 pricing: approximately $28,500 to $38,000.

The Y’s popularity has resulted in plenty of used models, including this 2023 Tesla Model Y, to choose from.

The Y’s popularity has resulted in plenty of used models, including this 2023 Tesla Model Y, to choose from. (AP photo/AP)

Tesla Model Y

The popular Model Y flexes its SUV prowess with lots of available cargo space and roomy seating. Some used models have a third row, but it’s small.

The majority of used examples are Long Range models that deliver about 300 miles of range; Standard Range and Performance models provide less.

Having access to Tesla’s national charging network is a huge plus, but smartphone connectivity options are limited.

Look for: It shouldn’t be hard to find one below $30,000, but finding one that qualifies for the tax credit might be difficult. Regular used car dealers stock many Model Ys.

You can also buy one directly through Tesla. Doing so gets you an additional one-year/10,000-mile warranty.

2020-2023 pricing: approximately $29,000 to $41,000.

The 2022 F-150 Lightning is one of the most practical and job site-friendly trucks on sale today.

The 2022 F-150 Lightning is one of the most practical and job site-friendly trucks on sale today. (AP photo/AP)

Ford F-150 Lightning

The Ford F-150 Lighting provides what most truck shoppers want: a regular truck. The Lightning is basically an F-150 SuperCrew with two electric motors instead of a gas engine.

The Lightning’s powertrain provides all-wheel drive and plenty of power including an impressive 775 lb-ft of torque. It’s also roomy and comfortable, and it offers lots of tech features and can even power electronics.

Look for: The Lightning debuted for the 2022 model year and has a driving range of 230 to 320 miles depending on the battery pack size you get. But the range drops significantly when towing.

The average price is a little high, but most used models are the pricey Lariat trim. Aim for an XLT trim if you’re looking for a deal.

2022-2023 pricing: approximately $44,000 to $60,000.

The 2022 BMW iX, a midsize luxury SUV, is spacious, comfortable and surprisingly efficient for its size.

The 2022 BMW iX, a midsize luxury SUV, is spacious, comfortable and surprisingly efficient for its size. (AP photo/AP)

BMW iX

If you can look past that bucktooth grille, the iX is an exceptional EV and one of our favorite electric SUVs. Luxury SUV shoppers will be pleased with its roomy and comfortable cabin, robust power and distinctive interior design.

As with most BMWs, the iX offers a long list of luxury and tech features. A third row is unfortunately not offered, and some controls can be frustrating to use.

Look for: All iX versions have a dual-motor, all-wheel-drive powertrain. The base xDrive50i has plenty of power and can go more than 300 miles on a charge. There’s little reason to spring for the more expensive M60 model.

2022-2023 pricing: approximately $54,000 to $72,000.

Edmunds Says

Buying a used EV is a great way to save money. But as with any used vehicle purchase, you’ll want to do your own research to find the best deal and vehicle.

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