US buyers of electric cars find used vehicles are the best option

To the brave, prudent shoppers trying to cash in on new US incentives to buy an electric vehicle: Good luck.

Pricing and availability have always made used cars a viable option, but there’s another reason for the prevalence of pre-owned EVs: Electric cars have been depreciating more like smartphones than cars, at least until recently. Battery technology improves at a rapid clip, which means EVs tend to lose their shine far more quickly than internal-combustion models.

Christopher Malikschmitt, a private-practice attorney in central New Jersey, is loving the 2018 BMW i3 that he bought last year for $23,000. He gushes about how it handles and how it sticks out in a Tesla-centric town; a $4,000 incentive would have only made the purchase sweeter. The battery had lost some capacity by the time the machine hit Carvana, but it easily gets Malikschmitt to work and back — 40 minutes each way — entirely on electrons.

“It’s still not clear which vehicles will receive incentives,” says Scott Hardman, a professional researcher at the University of California’s Institute of Transportation Studies. “It’s just really confusing and I think that’s going to reduce [their] efficiency.”

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