Georgia’s high gas prices make used EVs worth a look

Gas prices in Georgia have risen to an average of $4 per gallon, pushing some drivers toward used electric vehicles (EVs) as a more affordable option. While new EVs cost over $54,500 on average, used models are listed at $34,653, offering significant savings. Used EV inventory has declined, with dealers selling them in just 31 days on average, but prices continue to drop due to high demand and supply from off-lease vehicles. The surge in used EVs stems from record new EV sales in 2023 and 2024, many driven by short-term leases. Lessees often return vehicles at the end of their lease, increasing the used market supply and lowering prices. Concerns about battery longevity also keep prices down, despite federal laws requiring automakers to cover EV batteries for at least eight years or 100,000 miles. Rapid technological advancements further reduce used EV values, as newer models quickly render older ones less appealing. However, buyers prioritizing affordability over the latest features can benefit from these price drops. Still, negative equity in current vehicles or ownership of hybrids may offset savings, making financial calculations critical before switching. Georgia Power’s home charging infrastructure also influences the decision, as installation costs must be factored into the total expense. Dealers move used EVs faster than gas vehicles, but trade-in values may not match private sale prices, requiring careful consideration of trade-in offers. Buyers should weigh fuel savings, upfront costs, and long-term battery reliability before committing to a used EV.