Time to Go All-Electric? Why High Quality Used EVs are About to Flood the Market

One of the biggest objections to embracing all-electric vehicle technology is the price. Early electric vehicles (EVs) were premium-priced and out of reach for most consumers, causing them to cross them off the consideration list early. Luckily, the first round of used EVs – like the used Chevy EV, the Bolt – are about to hit the market, creating an opportunity for budget-minded buyers.

EVs continue to become more affordable for buyers, but because battery technology is still evolving, manufacturers haven’t yet reached that sweet spot between innovative tech that works and price. It’s the same principle of how laptops and flat-screen TVs were expensive when they first launched but are now much more affordable thanks to manufacturing efficiencies and broadly available technology. EVs are beginning to be produced at a faster rate and in a broader scope, so pretty soon, prices for new models will drop into a more affordable price bracket.

General Motors has committed to manufacturing an all-electric vehicle lineup by 2025, which means the company is heavily focused on practices that will make these vehicles more affordable by default. They recently devoted an entire facility to the development and production of their Ultium line of scalable batteries, the same battery technology used in the Bolt EV. Luckily, consumers don’t have to wait for new vehicle prices to dip to budget-buyers’ threshold. The incoming used inventory of Bolt EVs are a great entry point, and with a range of over 200 miles, opting into the ever-growing family of all-electric vehicle owners has never made more sense.

The Bolt: Launched in 2017

2017 marked the year the all-electric Chevy Bolt hit dealerships. In that year, Chevrolet dealers sold 23,297 Bolts. Many new Bolt buyers elected to lease because Chevy offered a national 36-month lease deal of $329 a month to boost sales. Because of that, many of the 20,000+ end-of-lease 2017 Bolt EVs are returning to dealers as customers trade up for newer technology.

The 2017 Chevy Bolt is a technological marvel, but EV technology is changing so fast that older models quickly become less attractive to enthusiasts. That doesn’t mean you’ll compromise, though, because even at its launch, the Bolt EV offered impressive range and DC fast-charging options that made owning an EV convenient and easy.

And, because the Chevy Bolt EV lease program capped annual mileage at 15,000, this round of used 2017 Bolt EVs have plenty of life ahead of them. In fact, you can consider them ‘gently’ used. From a style perspective, the Bolt EV hasn’t changed, so your 2017 model looks as current as the newest model. We expect a serious redesign sometime in the not-too-distant future, but the most Chevy has planned so far is a refresh for the 2022 model year, giving the Bolt EV a mildly sportier look and a few extras on the interior.

Transition to EV

Buyers looking to abandon gas-powered cars for an all-electric version are in for a treat because owning an EV has so many perks. First and foremost, you will never – ever – visit a gas station again unless you’re buying a Gatorade or a bag of M&M’s for your road trip. There’s nothing quite so satisfying as driving by the fuel pump.

Next, because the national network of charging stations is growing exponentially, charging your EV is more convenient than ever. With the Bolt EV, your over 200-mile driving range means that you’ll likely go days without needing to charge, and road trips are easy, thanks to GM’s myChevrolet mobile app and Energy Assist. Energy Assist lets drivers plan routes, project range, and locate charging stations along the way.

GM has added EVgo, a pay-as-you-go solution that links your bank account and lets you pay conveniently at eligible charging stations. So how many charging stations are there? Currently, there are over 40,000 stations nationwide, many of which are equipped with DC fast-charging capability, but that number is growing all the time.

Driving an EV doesn’t mean you’ll sacrifice performance. In fact, the 2017 Bolt EV delivers impressive off-the-line acceleration. The truth is that EVs offer much of the same capability as their regular gasoline counterparts, and as technology gets better, so too does performance. In fact, the 2017 Bolt EV reaches sixty miles an hour from zero in just 6.3 seconds.

Last, EVs don’t need motor oil. In fact, EV technology eliminates a couple of dozen mechanical parts that require routine maintenance. Skip the spark plugs, oil filter, and belts. They’re all in the past. Your EV will still need regularly scheduled maintenance but expect to do about two-thirds less than you would with a gas-powered car.

What to Expect When You Buy Used

One unexpected factor with used EVs is their rate of depreciation. Some calculate that EVs depreciate faster earlier, probably because of the rapid technological advancements the industry sees every year. Either way, this is great news for used Bolt EV buyers. Buying new means you’ll take on the depreciation – primarily in the first year of ownership. If you’re buying a one, two, or even three-year-old vehicle, that stage has passed. The vehicle’s value will stabilize, and you’ll end up getting a great bargain.

Also, as a first-time EV buyer, you shouldn’t be as concerned with getting cutting edge technology. You’re dipping your toe in the EV waters, so it’s probably enough in this first ownership round to have a car that delivers in range and charging speed, a car like the Bolt EV. That way, you can pay a budget price and leave the pain of depreciation to the early adopters.

Don’t worry too much that the rapid depreciation is a sign that the vehicles aren’t valuable; in fact, the numbers don’t tell the entire story. When EVs were first launched, many states – and the Federal government – offered purchase incentives and rebates that significantly lowered the price of the vehicle. These incentives were designed to bridge the gap between the cost of manufacturing and the EV’s high early price tag, encouraging buyers to give them a try. So that premium price was offset and not a reflection of the vehicle’s actual value.

Enter the EV Market in a Used Chevy EV

It’s a great time to enter the EV market. With one of the world’s largest automakers committing to an all-electric lineup by 2025, it’s a guarantee that charging facilities will continue popping up across the country, making ownership convenient. The ongoing quest to reduce our carbon footprint starts with reducing emissions, so every EV buyer gets us closer to a zero-emission future.

The new EV market is still made up of mostly higher-end, high priced vehicles. However, we expect technological advancements and manufacturing innovation to continue driving prices down, but until then, seeking a used all-electric car is a great way to get your feet wet. The line of Bolt EVs is widely-recognized for impressive range, reliability, and adorable styling, so it’s a great place to start.

Get Your Used EV at Dan Cummins Chevrolet Buick

The 2017 Chevy Bolt EV marked a turning point in General Motors’ history. As the first mass-produced, mass-appeal, budget EV, the Bolt EV put electric vehicle technology within reach of most buyers. In other words, the Bolt EV made electric cars mainstream. The Bolt EV’s 60 kWh lithium-ion battery takes you roughly 238 miles per charge, and the on-board display tells you the average based on your driving (speed, incline, etc.). Thanks to DC fast charging, you’ll power up at a rate of 90 miles per 30 minutes of charge, meaning the entire country is yours to explore without ever worrying about running out of battery.

If you are ready to make the switch to electric power, then come visit us and let us find you the perfect used Chevy EV. Our outstanding sales team can help you find the EV that will fit your lifestyle at a price you can actually afford. Plus, our service team can help you keep it running smoothly while you own it. Visit us at 1020 M.L.K. Jr Blvd in Paris, KY, and step into the future of vehicle technology.

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