Sunday, September 29

Used vehicles will dominate the market as electric models increase in price

Ronald Ortega

The future of mobility and transportation worldwide goes through electrification. There is no doubt about that, therefore, more and more electric models are being observed in the markets, of different types, sizes, ranges, specifications and characteristics.

Sooner or later, all consumers will have to transition to electric cars, leaving internal combustion models behind. However, for many it can represent a really difficult challenge due to the market prices.

Supply and raw material shortages make new electric models expensive. In view of this, it is expected that used vehicles take greater prominence while electrified variants rise in price.

According to information provided by Bloomberg, the cost of an electric vehicle battery increased by 7% from 2021 to 2022, being part of the costly problem when trying to buy an electric car.

Initiatives like the $7,500 US tax credit for electrified vehicles The new ones look like an important help in bringing a model home. However, certain characteristics must be met to access it.

For example, much of the battery must have been assembled in the United States, or its parts must have come from a local dealer. This measure limits the number of cars eligible for the credit, taking a few models off the shortlist that many consumers would like to take home.

Advantages of used vehicles

What was previously explained makes consumers turn to electric models, first of all because of the cost, since it is usually significantly less than a new one, paying for a higher quality vehicle or with more features for the same price that they would pay for a lower quality new one.

Also, the depreciation of new vehicles is an issue, therefore, by acquiring a used one, this great loss of value is avoided. In addition, information can be obtained on the maintenance history of the vehicle to know if it has been well cared for or had recurring mechanical problems.

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