for electric car owners have only applied to new vehicles. But a new bill could change all that.
The Affordable EVs for Working Families Act would offer a $2,500 rebate for electric cars. Designed to give people with lower incomes access to the
offered only a fraction of the $174 billion President Biden proposed earlier in 2021.
What does the new EV bill contain?
The bipartisan bill introduced in late July will have its limitations. Rather than give rebates for all used-EV sales, it will offer up to $2,500 for used electric vehicles that are at least two years old and cost less than $25,000.
It will also exclude dealers, and credits will only be available to individuals once every three years. Rebate size will be determined based on the annual income of individuals and/or joint filers, scaling down for people who make $75,000 or more a year (or $150,000 together).
How much does it cost to buy a used electric car right now?
Like with any type of car, the price of a used EV depends on make, model, condition, and capability. One factor unique to EVs makes a lot of difference though, and that’s range.
Short-range models can run for about 58 to 150 miles on a single charge. Their values depreciate quickly. The Fiat e500, with its 84-mile range, for example, loses about 70% of its value in just three years. Yikes!
While that’s bad news for people who bought them new, it means you can get one for a steal if you can fit it into your lifestyle. Just be sure you plan to hold onto it for a while so you don’t lose money like the previous owner.
Long-range EVs like Tesla’s Model S, on the other hand, hold their value pretty well. Green Car Reports says a three-year-old Model S still costs about $57,500, only 17% less than a new one. The main reason its price stays so high? Its battery has an EPA-tested range of up to 405 miles.
makes finding car insurance for your EV easy. The app generates competitive quotes from top providers in less than a minute. Jerry also gathers your information from your past insurer, so you’re not responsible for any long forms or phone calls. Basically, you get all of the savings and coverage, without the headache.
"B.A., English Literature, MedAndrew Koole is an insurance writer who specializes in writing automotive news articles. Andrew’s mission is to create informative and instructional content car owners can use to reduce costs, master repair skills, and learn more about the automotive industry. Andrew has published over 600 articles for Jerry on topics ranging from automaker history to car insurance deductibles. Before joining Jerry in 2021, Andrew split his time between freelance writing in the entertainment and travel industries and creative writing in poetry and fiction. His writing is featured on a variety of arts and travel websites, including his own Ponytail Press.