The high price of electric cars is one of the issues holding them back from widespread adoption. But if you think you can get around paying the extra cash by picking up a used ride, think again. In many cases, buying someone’s old EV isn’t any cheaper than getting a new one.
It comes down to the government’s preferred way of encouraging people to drive EVs: tax credits. The federal credit is $7,500. That’s a bottom-line credit, so if you’re not paying at least that much in federal taxes, you’re not getting the full benefit. (Various states offer different credits, or none at all.)
That leads people to lease EVs instead. The financing company that buys the new car from the automaker gets the full tax credit, so it can pass those savings to the lessee in the form of lower monthly payments. That’s why you can get a new Nissan Leaf for $2,400 down and $199 a month for 36 months.