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It’s true that in many cases, electric vehicles still come with a
higher price tag than their gas-powered counterparts. But there’s a somewhat surprising exception to the rule: used EVs.
This week, we’re exploring why
previously owned EVs are some of the cheapest cars on the market, and how that fact can help drivers save money. Plus, we’re taking a look at the unreal power behind Jeep’s new all-electric Wagoneer.
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THE POWER SHIFT
Used EVs are now cheaper than used gas cars — here’s how it could help you save money
A few weeks back, we broke down why
hybrids hold their value so well, and how that fact can make car owners money. This week, we’re exploring the flip side of that trend — the fact that
EVs are now, maybe surprisingly, the cheapest kind of used car on the market.
Earlier this year, the average price of a used EV dipped below the average cost of used gas cars, and the gap has only gotten wider.
Last May, used EVs went for more than $40,000 on average. As of this May, that number was
less than $29,000 — while used gas cars went for over $31,000. There are a few reasons why:
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There are
more EVs on the market today than ever before, giving shoppers more choices and dragging down costs.
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As we’ve mentioned before, used EVs
have depreciated faster in value than gas cars or hybrids, though this is mainly just because prices for new models have dropped and some automakers overproduced on new models.
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On that note, as the price of new EVs has
fallen dramatically in recent years, to the point they cost what you would have expected to pay for a used model, they are also getting much closer to the price of new gas cars.
It’s a classic good news/bad news situation: For anyone who owns an EV, it’s probably not a great time to sell. Hopefully, you don't feel you need to anyway. But if you’re in the market for a new car,
you could now easily find a quality EV for less than a gas one. Plus, you’ll save thousands on refueling and maintenance.
While concerns about battery replacements is one of the factors driving down prices, there’s growing evidence that EV batteries
last a lot longer than most people think. So, depending on your situation and the age of the car you’re considering, it could be a steal.
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UNDER THE HOOD
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A drop in new prices, market jitters, and impressive battery life spans have all combined to make used EVs some of the best used deals around.
David Gray
Co-Founder, Glovebox Media LLC
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The expert insights in Clean Machines are surfaced in partnership with Glovebox Media, a strategic consulting firm with decades of combined experience telling stories about EVs and the auto industry at large. You can view more of their work
here.
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TCD SHOWROOM
Jeep’s new all-electric EV is unbelievably powerful — and it’s in some elite company
Jeep is almost certainly not a brand most of us associate with EVs, but you wouldn’t know that from looking at the
hype-up footage for its new, all-electric
Wagoneer S.
The SUV packs an unreal 600 horsepower — making it part of an
elite club filled with Ferraris, Lamborghinis, and other sports cars — and, if Jeep’s test video is to be believed, it can outrun a Tesla.
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WHEELS IN MOTION
Amazing footage shows a futuristic ‘WaterCar’ that can transition from land to water in moments
Most so-called amphibious vehicles look like clunky pontoon boats at best. But the WaterCar EV — which is technically a hybrid, since it uses gas in boat mode — is quite a bit different.
As some
mind-blowing test footage shows, the car can
fly around the water like a speedboat before transitioning seamlessly to land in seconds.
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YOU ASK → WE ANSWER
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Weird question, but when were electric cars invented?
– Jerome T.
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Great and absolutely not weird question, Jerome. And thanks for giving me a chance to combine my two loves — electric vehicles and history essays — into one.
Actually, it doesn’t take an essay to tell you that EVs are probably a lot older than you’d think. Engineers in Europe were supposedly testing small-scale electric vehicles as early
as the 1820s.
EVs became more practical over time and made their way to the U.S. later in the 19th century. Even Thomas Edison — the king of electrical inventions himself — got in on the action, purchasing
an electric carriage and supposedly experimenting on a model of his own.
You also might be shocked to hear that, by the early 1900s, EVs were arguably more popular than they are now — accounting for about one-third of all cars on the road. But they still basically looked like horse-drawn carriages, minus the horses.
Eventually, gas cars took the reins, but there were plenty of attempts along the way — like the absurdly ugly
GE Delta — to bring EVs back into the limelight. Needless to say, what we have now is a lot better than what Thomas Edison had to work with.
– Dillon from TCD
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