Looking for a deal on a used electric car? These models are worth considering.
General Motors to record $1.6 billion loss as EV tax credit ends
GM will be forced to scale back its investment in electric vehicles, taking a $1.6 billion hit as the U.S. ends the EV tax credit and eases emissions regulations.
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- According to a survey by iSeeCars, the price of used EVs is falling.
- Some electric vehicle nameplates depreciate rapidly.
- There are plenty of used electric cars that are good value for under $30,000.
The average used price of internal combustion engine (gasoline) cars has been rising since February, according to data from car research firm iSeeCars. On the other hand, the average used electric vehicle price is on the decline. Consumers may not be able to find many used car deals on gas-powered cars because of the high prices, but potential buyers are happy because used EVs are rapidly depreciating in value.
Some of the most popular used EV nameplates are facing significant price drops. Car buyers can purchase some used models with low mileage for less than $30,000.
5 used electric cars for under $30,000
- 2023 Hyundai Ioniq 5 (Kelly Blue Book Fair Purchase Price $23,026)
- 2022 Nissan Leaf (Kelly Blue Book Fair purchase price $14,259)
- 2022 Hyundai Kona Electric (Kelly Blue Book Fair purchase price $18,188)
- 2023 Kia EV6 (Kelly Blue Book Fair Purchase Price $25,844)
- 2022 Tesla Model Y (Kelly Blue Book Fair purchase price $27,846)
The 2023 Hyundai Ioniq 5 has a lot to offer.
The Tesla Model Y may be the most popular small electric SUV, but it’s not without strong competitors. Hyundai’s Ioniq 5 small electric SUV offers a lot of value at an affordable price. According to Kelley Blue Book, the fair purchase price for a recent 2023 model with less than 37,000 miles is just $23,026.
Hyundai’s EVs have won several awards over the years, including the World Automobile Award. Edmunds says it has a “comfortable ride and user-friendly interior design.” This EV has a simple yet futuristic cabin and comes loaded with standard technology. Used car buyers can take advantage of depreciation to select the top-of-the-line Limited trim with the best Ioniq 5 features at a significant discount. The base model is priced approximately 44% off its original MSRP of $41,450.
2022 Nissan Leaf is a balanced electric hatchback
The Nissan Leaf has been in production since 2010. Nissan has significantly improved its lineup and modernized its design language in recent model years.
The fair purchase price for the 2022 Leaf is $14,259 with very low mileage, down approximately 47% from the original MSRP of $27,400. It has a “spacious interior,” according to Car and Driver. The 149-mile range may not be all that impressive, but for those with access to a home charger or a reliable EV charger, this hatchback is a great affordable daily driver.
Hyundai’s 2022 Kona Electric is an agile SUV with an electric heart
Hyundai’s Kona subcompact SUV nameplate has become a hot topic for its unique design. The Kona looks and drives like a hatchback, but it’s not as cramped.
A fair purchase price for a 2022 Hyundai Kona Electric with less than 33,000 miles is just $18,188. This is approximately 46% depreciation from the original MSRP of $34,000. Kelley Blue Book praises its standard features and excellent range (404 miles).
2023 Kia EV6 is a stylish and fast electric SUV
Kia’s EV6 small electric SUV is closer to the less flashy, more conservative-looking Hyundai Ioniq 5. In many ways, it’s a sportier alternative.
The fair purchase price for the 2023 EV6 is $25,844 with less than 35,000 miles, approximately 39% down from the original MSRP of $42,600. According to Edmunds’ review of the vehicle, it has “quick acceleration and sporty handling.” CarMax has several final configuration models of the GT-Line available for just under $30,000.
Tesla’s small electric SUV is the best-selling model
The Tesla Model Y has become America’s undisputed EV king in terms of unit sales. Despite Tesla’s eccentric CEO Elon Musk’s antics, the Model Y will remain the best-selling model in 2025.
The fair purchase price for the 2022 Tesla Model Y is $27,846 with less than 50,000 miles, approximately 57% down from the original MSRP of $65,990. The interior is a “tech enthusiast’s dream,” according to Car and Driver, and the electric SUV boasts plenty of range (330 miles) and power (384 horsepower).
