Welcome to 2023. After nearly two years of overheating the used car market, used car prices are finally trending downward across the board. Used electric cars are now more affordable. With the recent signing of the controversial Inflation Reduction Act, there is an opportunity available to some consumers. That’s a $4,000 used EV tax credit. But before buying a used EV, it’s essential to understand how credit works.
The tax credit will be available at merchants starting January 1, 2024. Until then, it will serve as a federal EV tax credit. For example, if in federal taxes he owes $3,000, in federal taxes he can only use 75% of his $4,000 deductible. Additionally, there are a set of strict guidelines that vehicles must check in order to obtain credit.
- Individuals must be under $75,000 per year to claim the credit. Head of household can earn up to $112,500 and joint filers up to $150,000.
- Buyer must purchase vehicle from a dealer and the purchase price must be less than $25,000.
- Vehicle must be at least 2 years old.
- The vehicle can be a plug-in hybrid, but the battery must be at least 7kWh (excludes Mercedes C350e, Toyota Prius plug-in (not prime), and Honda Accord plug-in hybrid, for example). , among others).
- If the vehicle is $13,333 or less, the tax credit only covers 30% of the vehicle value.
- Finally, your car must be on this list to be eligible.
With that in mind, here’s a curated list of InsideEVs for the best EVs under $25,000. . All EVs come with a battery warranty of at least 8 years/100,000 miles, so as a cutoff the buyer has at least 3 years and he has 50,000 miles warranty left, 2018 and he has 50,000 miles selected. Finally, check out Recurrent’s EV tax credit tool to see if the EV you buy is tax deductible.
The Fiat 500e is cited as the most affordable option. The Fiat 500e isn’t a great car, but it offers a small footprint and a playful driving attitude that’s well suited to urban environments.
The slightly compliance-themed 24kWh pack may look pedestrian, but it’s ahead of other compliance cars from the 2010s. Unlike the VW e-Golf and Nissan Leaf, the 500e has a liquid-cooled battery. It doesn’t have a quick charge feature though, but for economical everyday drivers, quick charging might not be necessary.
Find a used Fiat 500es near you.
- Battery size: 24kWh
- Power: 111 hp
- Range: 84 miles
- Fast Charge: No
Before the ID.4, the first EV Volkswagen sold in the US was the e-Golf. Unlike ID.4, e-Golf was only sold in some states. Marketed as a compliance car, the electric Golf utilizes Panasonic’s air-cooled battery pack to ride on its ICE-powered counterpart platform. Despite the lack of a liquid-cooled battery, VW claims that Panasonic’s battery chemistry offers excellent heat resistance, and that liquid-cooled batteries add too much weight to his pack.
For the 2017 model year, VW implemented a larger 35.8kWh battery, allowing for a range of 125 miles. will find value in e-Golf.
Find a used Volkswagen e-Golf near you.
- Battery size: 35.8kWh
- Power: 134 hp
- Range: 125 miles
- Fast charging: optional 50kW
The 2017 Hyundai Ionic EV was the Korean automaker’s first production EV. For model year 2020, Hyundai has updated the design and added a larger liquid-cooled 38.3kWh battery pack to increase range to 170 miles. Overall, the IONIQ EV is a smart-looking, efficient electric hatchback that’s a solid choice given the price.
Find a used Ioniq Electric near you here.
- Battery size: 38.3kWh
- Power: 134 hp
- Range: 170 miles
- Fast charge: Yes 100kW
The redesigned 2018 Nissan is a great electric car, and while it’s a big improvement over its predecessor, it still falls behind in some areas. There is no liquid-cooled battery, even in the long-range Plus variant that was once. Nissan also offers optional fast charging for the Leaf, but utilizes his CHAdeMO port, which the automaker has effectively abandoned in the North American market.
Along with the battery and charger, the updated Leaf is very comfortable to drive. Its front-mounted motor delivers plenty of power that feels quick, and power delivery is nice and smooth.
Find a used Nissan Leaf near you.
- Battery size: 40-62kWh
- Power: 147-214 hp
- Range: 151 to 226 miles
- Rapid charging: CHAdeMO 50kW (100kW for Plus) is available as an option on the “S” and standard on the “SV” and “SL.”
The 2017 Chevrolet Bolt EV was the first affordable long-range EV to enter the US market. The Volt offers significantly more range and horsepower than its competitors in the used division. It takes about 6.5 seconds from 0 to 60, making it the fastest vehicle on this list.
Some downsides to the Volt EV are the poor quality of the interior (facelift models before 2022 only) and the slightly awkward driving position due to the forward-reaching A-pillars. In addition to its negative points, the Bolt has one aspect that buyers cannot ignore. Most second-hand items have old batteries replaced due to fire recalls. This means that even if someone bought his 2017 Volt EV with 100,000 miles on it, it would have about 259 miles of range with his new 66kWh battery installed.
Find a used Chevrolet Volt EV near you.
- Battery size: 66kWh
- Power: 200 hp
- Range: 259 miles
- Fast charging function: optional, 50kW
The BMW i3 is the most performance-oriented, premium, and obscure option on this list. The i3 is the only model that offers an RWD setup and is built around a carbon fiber monocoque. Regardless of your opinion on the look, the i3 is arguably the most fashionable, with coach doors, frameless windows, futuristic lines, and still incredibly well-maintained nearly a decade after its launch in the U.S. market. It has a stylish interior and exterior.
Another advantage of the 2018 (and 2017) i3 is the liquid-cooled battery pack. The total battery capacity is 33.2 kWh, but the number of usable batteries is 27.2 kWh. This means the i3 has a relatively large 18% buffer, improving long-term battery health. Paired with the battery is the i3’s 170hp rear-mounted motor, which can accelerate to 60 in less than 7 seconds. The i3 feels fast, and unlike front-wheel-drive EVs, there’s no torque steer or loss of traction.
Find a used BMW i3 near you.
- Battery size: 33kWh
- Power: 170 hp
- Range: 114 miles
- Fast charging capacity: 50kW
For model year 2016, Chevrolet released an updated Volt with improved efficiency and performance. Enabling 53 miles of electric-only range with an 18.4kWh liquid-cooled battery pack, the Volt’s electric range is more than enough for everyday driving. His 1.5L I-4 onboard acts as a backup generator (technically, it works as both a series and parallel hybrid) and can go up to 420 miles with a full tank and a charge. Overall, the Volt is the only car on this list that a driver can easily take on long trips without problems.It also offers decent performance numbers and sharp accelerator response in Sport mode.
Find a used Chevrolet Volt near you.
- Battery size: 18.4kWh, 1.5L I-4 ICE engine
- Power: 149 hp
- Range: 53 miles EV only, 420 incl.gasoline
- Quick charge function: No
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