(iSeeCars) – Although they have fallen in recent months, used car prices are still significantly higher than they were a year ago as a result of the ongoing microchip shortage. Meanwhile, gas prices are at record highs to heighten the demand for electric vehicles.
Due to regional used car price variations, budget-minded used car shoppers who are willing to travel can increase their chances of finding a discount on electric cars. “When looking at the available used electric cars, used car prices can vary by as much as $41,913 between cities,” said iSeeCars Executive Analyst Karl Brauer. “In today’s market, deals on used electric cars are difficult to find, and even after purchasing a plane ticket or taking a road trip, consumers may find that traveling to buy a used electric car could be worth it for significant savings.”
As part of its recent Most and Least Expensive Cities to Buy a Used Car study, iSeeCars analyzed the used car prices of electric vehicles to determine the cities where they are the most and least expensive.
Most and Least Expensive Cities to Buy Used Electric Cars
When examining local prices of used electric cars, the vehicle with the largest price disparities had at least a 38.8 percent price difference between the cheapest and most expensive cities.
|Cheapest and Most Expensive Cities to Buy Electric Cars in the U.S. – iSeeCars Study|
|Rank||Vehicle||Cheapest City to Buy the Car||Most Expensive City to Buy the Car||% Savings||$ Savings|
|1||Tesla Model S||Norfolk-Portsmouth-Newport News, VA||St. Louis, MO||38.8%||$37,247|
|2||Nissan LEAF||Spokane, WA||Knoxville, TN||38.6%||$11,171|
|3||Chevrolet Bolt EV||Green Bay-Appleton, WI||Seattle-Tacoma, WA||35.3%||$11,031|
|4||Tesla Model X||Mobile, AL-Pensacola, FL||San Antonio, TX||29.7%||$31,258|
|5||Hyundai Kona Electric||Milwaukee, WI||Denver, CO||29.4%||$11,861|
|6||Audi E-Tron Sportback||Salt Lake City, UT||Medford-Klamath Falls, OR||28.5%||$26,260|
|7||Porsche Taycan||Indianapolis, IN||Medford-Klamath Falls, OR||26.2%||$41,913|
|8||Tesla Model 3||Shreveport, LA||Sioux Falls(Mitchell), SD||21.1%||$12,066|
|9||Ford Mustang Mach-E||Albany-Schenectady-Troy, NY||Denver, CO||18.6%||$12,114|
|10||Jaguar I-Pace||Atlanta, GA||Philadelphia, PA||16.8%||$11,059|
|11||Tesla Model Y||Columbia, SC||Medford-Klamath Falls, OR||15.9%||$11,741|
|12||Kia Niro EV||Philadelphia, PA||Charlotte, NC||15.4%||$6,082|
|13||Audi E-Tron||Columbus, OH||Ft. Myers-Naples, FL||14.9%||$10,947|
|14||Volkswagen Id.4||Madison, WI||Charlotte, NC||14.6%||$7,400|
|15||Volvo XC40||Phoenix, AZ||Boston, MA-Manchester, NH||7.0%||$4,170|
The Tesla Model S is the vehicle that has the greatest price disparity between the most expensive and least expensive cities. “The average used price of a Tesla Model S is 38.8 percent or $37,247 less in the Norfolk, VA metropolitan area than it does in Saint Louis, MO,” said Brauer. “Contributing factors for the price disparity could include inventory levels and trim distribution, but it shows that the Model S used car prices vary widely among cities.”
The Volvo XC40 electric subcompact SUV is the electric vehicle with the smallest price disparity among cities with a 7.0 percent or $4,170 between its cheapest city of Phoenix, AZ, and its most expensive city of Boston, MA. “The new for 2022 all-electric XC40 subcompact SUV is Volvo’s first fully-electric vehicle, and it is not yet readily available on the used car marketplace,” said Brauer. “However, even though it has the smallest price variance between its cheapest and most expensive cities, it still presents significant savings.”
It can be difficult to find a deal on a used electric car in today’s market, but expanding your search radius can provide consumers with the best opportunity to find more savings. “Even if you can’t travel to the city with the greatest savings on your car, you will probably find greater savings beyond your local area within the search radius you are most comfortable with,” said Brauer.
iSeeCars.com analyzed over 1.3 million 1-5 year old used cars from the top best-selling models sold between January and April of 2022. The average asking price of each model in each DMA was calculated, and the highest and lowest prices were compared to each other, as well as the nationwide average price. Model/city combinations with low inventory were excluded from the analysis.
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iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $337 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
This article, the Most and Least Expensive Cities to Buy Electric Cars, originally appeared on iSeeCars.com.