Are you one of those intrigued by electric vehicles (EVs) but have been held back by the price tag? Well, here’s some exciting news for you! The US used-car market is about to witness a surge of twenty thousand Teslas, courtesy of rental-car giant Hertz looking to trim its electric vehicle fleet.

This influx presents a golden opportunity for drivers to get their hands on a Tesla at a fraction of its market price. At the time of writing, Hertz Car Sales is offering over 200 used Teslas for less than $25,000, significantly lower than the starting price of a new Tesla Model 3 at $35,990. Even when compared to the most affordable new EV in the US, the Nissan Leaf, priced around $29,000, these deals are unbeatable.

As Hertz offloads its inventory, industry experts anticipate a flood of used electric vehicles hitting the market from various sources like dealerships, rental fleets, and private sellers, especially as three-year leases come to an end. This surge in availability is poised to make EV ownership more accessible than ever, addressing one of the major barriers to mass adoption – cost.

Thibaud Simphal, Global Head of Sustainability for Uber, predicts a significant drop in prices for used EVs in the coming years, making them even more attractive to consumers. And it’s not just those already sold on EVs who stand to benefit; even those new to the concept might find the irresistible pricing enough reason to make the switch.

Felipe Smolka, a partner at EY, highlights how this influx of discounted EVs could be a game-changer, particularly in the US, where affordability has been a significant concern hindering widespread adoption. In fact, Recurrent, a vehicle data research firm, forecasts a record number of used electric vehicles to be sold in 2024.

But it’s not just about the upfront cost. Concerns about maintenance, battery life, and charging infrastructure have also played a role in dissuading potential buyers. However, as more consumers take the plunge into the used EV market, these apprehensions are expected to diminish. Thibaud notes that rideshare drivers, in particular, have been quick to adopt used EVs, thanks to initiatives by companies like Uber offering incentives and discounted rental rates.

Furthermore, initiatives like Uber’s partnership with Hertz have provided valuable data on charger availability and battery performance, aiding infrastructure planning and addressing consumer misconceptions. This kind of information is crucial for potential buyers, especially when it comes to understanding the longevity and maintenance costs of EVs.

Smolka emphasizes the importance of education in driving EV adoption, particularly concerning concerns about charger availability and maintenance costs. With data showing that EV batteries can last well beyond 100,000 miles and degrade only minimally over time, the narrative around used EVs is changing for the better.

As the used EV market continues to evolve, early adopters are paving the way for a future where pre-owned electric vehicles are seen not just as a smart choice but also as a savvy investment. So, if you’ve been on the fence about making the switch to electric, now might just be the perfect time to take the plunge into the world of used EVs.

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