I don’t drive much. I haven’t had a car for a couple of years now, and have gotten along by borrowing my wife’s car, when convenient.
I’d like to get my hands on a nice, used EV. That’s a good choice, given that I’m going to use this for a grocery-getter and little else.
Depending on the price, of course. And I’m clearly in no hurry to buy one.
Back in July I looked at my local market for used EVs and narrowed my best option down to a 2018 or later Nissan Leaf. That’s laid out in a series of posts around Post #1837, and the posts just prior to that. The year cutoff was due to a change in the Leaf battery chemistry that year, to a much more stable (long-lived) battery.
I have been checking back occasionally ever since.
And I’ve been reading articles suggesting a steep decline in the price of used EVs. I see talk about price declines on order of 30% per year. This is almost always attributed to the fact that most used EVs are Teslas, and Tesla made some steep price cuts to their models this past year.
In other words, a falling tide sinks all boats. Those Tesla price cuts are rippling through the entire used EV market.
But in addition, Chevy cut the price on the Bolt last year. Both to spur sales, and maybe because the Bolt was plagued by a significant recall due to battery fire issues in a handful of vehicles. Chevy claims that’s taken care of, but they ended up replacing the batteries in tens of thousands of cars.
In any case, when I went back to re-assess my local market for used EVs, it sure did seem like prices were down. So I did my best apples-to-apples comparison between what I looked at back in August, and now. As shown above.
By my estimate, asking prices for a used late-model Nissan Leaf fell 14% in the last five months of 2023. Or … on-order-of a 30%/year rate of decline.
More interestingly, I can now get a used Chevy Bolt for about the same price as a used Nissan Leaf. This is a change from the prior analysis, where my back-of-the-envelope on a Bolt of this vintage, five months ago, put the average asking price at $21,000.
But now, consistent with the decline in the Leaf price, there’s been an even steeper decline in the Bolt price.
Objectively, the Bolt looks like a lot more utility for the money.
- The Bolt has about 90 more miles of range than the leaf (about 250, versus about 160 for the base Leaf)
- It uses a standard (J1772) plug, instead of the soon-to-be-obsolete CHADMO plug on the Leaf.
- It has active battery temperature management, compared to the Leaf’s passively air-cooled battery.
The sole drawback from my perspective is that the Bolt looks like a tiny little car, where the Leaf does not. To me. They have roughly the same interior volume, and the Bolt actually has a higher curb weight than the base Leaf. But the Bolt is shorter by about a foot-and-a-half. Just enough that I notice how small it is, compared to (say) the 2021 Prius that my wife drives.
For either car, if you had little enough income in the year of purchase, Uncle Sugar will give you a $4K tax rebate for purchasing that used US-made EV. (Yep, for purchasing a used US-made EV. Part of the Biden Administration’s buy-American industrial policy intersecting with its global warming initiatives. So, thanks, Joe Biden. I guess.)
Rumor has it that the big drop in the Bolt price is due to Chevy rehabbing and re-selling a lot of those recalled vehicles. I’m not sure how much that is true. What I am sure is that the Bolt looks like a pretty good option, if you trust Chevy to have fixed that rare battery issue. If you pick and choose, you can plausibly pick up a three- or four-year-old car, with about 10K miles on it, for a net $13K or so.
This, where the only expensive component — the battery — comes with a mandatory eight-year/100,000 mile manufacturer’s warranty. Which should, in theory, take a whole lot of the risk out of this used-car transaction. Roughly speaking, you pretty much have to get at least five years of driving out of the car, or the manufacturer (not the seller!) has to replace your battery.
As used cars go, that seems like a pretty decent deal, regardless of the fuel source. The fact that this is the low-carbon alternative is almost gravy, at this point. To me, based on what I’ve been looking at, this now looks like it’s just a pretty good deal on a used car. Period.
I have to confess that the first and last Chevrolet product that I ever bought was a Chevy Vega. It was a traumatizing experience in many regards, as those of you familiar with the history of the Chevy Vega will understand.
I guess, going on 40 years later, maybe I can find it in my heart to forgive, and give Chevy another try.
