You’ve got $20,000 to spend on an EV: Here are some options

As rising gas prices due to geopolitical tensions in the Middle East prompt drivers to rethink their fuel choices, electric vehicles (EVs) are emerging as a more economical alternative. While purchasing a brand-new EV may not always be the most budget-friendly option, the expanding used EV market offers promising choices for buyers willing to spend between $15,000 and $20,000. In recent weeks, we’ve examined various used EVs available at lower price points. For those who don’t require extensive range, a budget of around $5,000 can secure a Nissan Leaf. If you’re ready to invest approximately $10,000, you might find intriguing options like the BMW i3 or the Chevrolet Bolt, though these models may exhibit higher mileage. Once you reach the $15,000 mark, you can discover newer Chevrolet Bolts and larger-battery i3s, along with older or smaller options from Hyundai and Kia. As we venture into the $15,000 to $20,000 range, numerous newer and longer-range models that launched post-pandemic become accessible, presenting excellent value. A significant consideration for consumers eyeing used EVs is the health of the battery. Early reports on first-generation lithium-ion batteries, such as those in the Nissan Leaf, have led to concerns about rapid degradation similar to smartphone batteries. However, modern EVs equipped with effective thermal management systems are considerably more reliable, typically losing only about 2 percent of battery capacity each year. Furthermore, as we focus on models from 2021 or later, buyers can take comfort in the fact that these vehicles often come with the manufacturer’s warranty, which typically spans eight years or 100,000 miles.