The Evolution of the Used Electric Vehicle Market
The electric vehicle (EV) landscape has been rapidly evolving over the past few years, with a growing diversity of models entering the market. As the new EV market expands, the used EV market is beginning to mature, offering more affordable options for consumers. This shift has sparked curiosity about when a significant mass of new electric vehicles will become available on the used market and how much they will cost.
Initially, new electric vehicles were expensive, although their total cost of ownership could be competitive with, or even lower than, their gasoline-powered counterparts. As more models have entered the market, prices have begun to drop. For instance, articles have highlighted used Chevy Bolts available for under $20,000 and used Tesla Model S cars at significantly reduced prices.
Recently, a YouTube video titled ‘Driving My $750 Electric Car For The First Time!’ caught attention, featuring the purchase of a used Mitsubishi iMiEV. Although the vehicle was non-operational at the time of purchase, repairs costing a couple of hundred dollars brought it back to life, bringing the total cost to around $1,000. This example illustrates the potential for finding affordable used EVs, albeit with some caveats.
The Mitsubishi iMiEV, first launched in Japan in 2009-2010, was designed for short trips with a range of approximately 100 miles under the Japanese test cycle. In the US, it had an EPA-rated range of about 62 miles, though this could be as high as 98 miles for city driving. This tiny commuter car weighs about 2,300 pounds and features a 16 kWh lithium-ion battery pack – relatively small by today’s standards. Despite its limited size, the iMiEV’s range is commendable, especially considering its intended use for short trips.
One of the iMiEV’s advantages is its regenerative braking system. According to Kelley Blue Book, a used 2017 iMiEV could cost around $10,000, while its original price was approximately $23,000. The YouTube creator’s ability to purchase a non-running iMiEV for $750 and repair it for a few hundred dollars more demonstrates the potential for finding deals in the used EV market, particularly for those with technical expertise.
The used EV market now offers a range of options at various price points, from vehicles in good condition to projects that require repair. As the market continues to grow and more models become available, consumers can expect to find increasingly affordable and diverse options for sustainable transportation.
