Think Twice Before Buying a Used Late Model EV

Despite the used car market being rather bonkers right now, you can still find a late model EV such as the Nissan Leaf or Hyundai e-Kona for a reasonable price. However, they might actually end up being more expensive than buying a new EV. Here's why.

If you're in the US, you might know about the (up to) $7500 federal EV tax credit. However, this only applies to new electric vehicles, so cross-shopping new and used models isn't as easy as it sounds. Every new all-electric car on sale in the US qualifies for the full $7500 tax credit, which makes for a pretty good deal if you're in the market for one. When comparing the price between new and used EVs, you need to see if it is cheaper than the new car's price including the tax credit.

A new Nissan LEAF S with the tax credit costs $19,990, and a quick look at Autotrader showing only used base model LEAFs shows only one under the MSRP with the tax credit factored in.

While buying used may make sense on the surface, be sure to know how much a new car including the tax credit costs so that you don't end up paying more for an older car with more miles.