For the first time, consumers will have a vast pool of used EVs available for purchase. Will hesitant drivers buy them?

Twenty-thousand Teslas are about to flood the US used-car market, as rental-car giant Hertz seeks to shed a third of its electric vehicle fleet.

For drivers, it’s a chance to snag a Tesla for well below market rate. The Hertz Car Sales website shows more than 200 used Teslas selling for less than $25,000 (£19,800), as of this writing. In comparison, a new Tesla Model 3 – the company’s least-expensive offering – starts at $35,990 (£28,500). These prices are even lower than the US’s cheapest new EV, a Nissan Leaf, which sells for around $29,000 (£22,965).

As Hertz sheds its stock, experts also expect more used electric vehicles will hit the market from dealerships, other rental fleets and private owners, particularly as three-year leases expire. For consumers who have been EV-curious, the new global secondary market presents a prime opportunity to purchase one at a steep discount – especially at a time when automakers continue to struggle with bringing down prices on new models.

“From next year onwards, there will be very significant volumes [of used EVs], and we can expect prices to go down significantly,” says Thibaud Simphal, Global Head of Sustainability for Uber.

  • Scirocco
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    4 months ago

    Ehhhh im currently driving a Gen 1 Prius (2003) that I bought at auction for $500.

    I have less than $2000 in it all-in (everything except fuel and insurance, even oil changes).

    I’ve put about 55k miles on it and it pulls a steady 43-44 mpg

    Hysteria over battery issues has turned out to be exactly that — these 22 year old batteries are fine. Being used (within the design tolerance) keeps them fresh.