With tariffs expected to increase new vehicle prices in the United States, used electric vehicles could gain popularity among consumers looking to save money.
The Trump administration imposed a 25% import tax on auto parts earlier this month. A 25% tariff on imported vehicles has been in effect since April. According to The New York Times, the tariffs are part of President Donald Trump's plan to focus on domestic manufacturing.
As reported by EV Magazine, new vehicle prices are anticipated to spike between $2,500 and $20,000. The average new car price is already $49,000. That's a $12,000 increase from just six years ago.
Some experts have predicted that rising prices will push consumers toward a more affordable and eco-friendly option — used EVs. The EV market is growing worldwide. According to Reuters, global sales of EVs and plug-in hybrids were up 29% in March compared to the previous year.
EV Magazine called used EVs a "practical path toward circularity." A circular economy is a strategy that promotes the reuse of products and materials to prevent waste. Many leased EVs return to the market in good condition, and durable batteries make them ideal used vehicles for drivers.
While EVs have a smaller carbon footprint than gas-powered cars, the U.S. Environmental Protection Agency said the electricity used for battery manufacturing and charging still creates pollution. EV Magazine noted that keeping used EVs on the road longer can help the auto industry reduce pollution over time due to less manufacturing.
Upon purchasing a used EV, drivers can save money on charging costs by investing in solar energy at home. Resources such as EnergySage compare solar quotes from installers to help consumers make decisions based on their energy needs.
Meanwhile, drivers looking to sell EVs can use tools such as Recurrent to help maintain their vehicles before a big sale. The free service keeps track of battery health and range in addition to connecting sellers with dealers. On average, Recurrent helps EV sellers make $1,400 more from their sales by proving the quality of the vehicle.
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