A used EV can be a wonderful choice if you're looking for a used car, even if you have bad credit! According to the latest Experian State of Automotive Finance Market report, 88% of cars on the road are 8 years old or newer, and plenty of them are electric vehicles.
Used EVs continue to make up a growing part of the used car market as more automakers turn to greener options. Even though new EVs can start around $19,000 more on average than a traditional gasoline engine vehicle, used EVs can be surprisingly affordable, since EVs don't hold value the same way as traditional vehicles.
Many electric vehicles can be found in the $10,000 to $30,000 range, but there's a surprising number of models that can be found for under $10K.
Since EVs don't have as many moving parts as a standard vehicle, there's less to maintain, no fluids to change, and little to budget for in terms of upkeep costs. The things that impact used EV values the most are typically battery capacity and driving range. Just like anything else with a rechargeable battery, they lose the ability to carry as full of a charge over time. With less charge comes less drive time between charges.
Why Buy a Used EV With Bad Credit?
A used EV may represent a great low-maintenance alternative to a traditional gas-powered car as a daily driver to get around town.
If you need to pack on the miles, it's important that you know how much battery capacity you have left when you purchase the vehicle. Also, know the ins and outs of home charging, and where the network of charging stations are near you. Used cars tend to be a bit cheaper to insure, but used EVs can still come with a higher cost of insurance, so do your homework on whichever model you choose.
If you're in the market for a used vehicle, but don't know where to start due to bad credit, let us help. At Auto Credit Express we've gathered a coast-to-coast network of special finance dealerships that have the lenders available to help. Simply fill out our auto loan request form and we'll get right to work helping you find your next car dealer.