Crucially, 30 percent of these used EVs qualify for the $4,000 federal clean vehicle credit. This process is about to become more accessible, as starting from January 1, 2024, customers will be able to transfer EV credits to a car dealer, directly reducing the vehicle’s purchase price.
Contrary to the belief that most used EVs are outdated with degraded batteries, the data paints a different picture. Nearly 30 percent of the vehicles in this inventory are less than two years old, and 45 percent are three years old or newer. Despite the natural degradation of EV batteries over time, some owners have reported negligible degradation rates, even after covering more than 100,000 miles. Notably, Tesla’s CEO Elon Musk has stated that Tesla batteries can last between 300,000-500,000 miles or 1,500 charge cycles, offering confidence to prospective buyers.
