Electric vehicles may offer great used prices

January 3, 2014 12:00 AM

Many drivers are attracted to electric vehicles or similar alternative-fuel automobiles because of the long-term savings they offer. Spending little to no money on gas, combined with different types of vehicle maintenance, allows motorists to help their wallets as well as the environment. 

PlugInCars.com recently reported that the price of used electric vehicles is expected to drop significantly, largely due to the incentives applied to automobiles. Because these subsidies reduce the total cost of a new vehicle, they also automatically drop the starting price for a used model, because no driver is going to pay more for a used car than what the original buyer paid for the new model. 

"The incentives are on new vehicles," said Jack Nerad, an analyst at Kelley Blue Book, as quoted by PlugInCars.com. "This has the effect of lowering the value of used vehicles, since you don't get the incentive when you buy used." 

These incentives could help make alternative vehicles more popular in the used car market. While there is some time before they become prevalent in the pool of potential rides, drivers who keep an eye out for them may be able to find some great deals. 

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