The electric vehicle (EV) market is expanding rapidly, with new cars gaining traction. However, the used EV sector remains less understood, particularly concerning battery health. Recent data from an online auction platform reveals that used EV batteries perform better than expected, easing concerns about buying second-hand electric cars. The study indicates that even vehicles with over 120,000 kilometers on the odometer maintain impressive battery health, surpassing manufacturer predictions. This positive outlook should encourage more consumers to explore the used EV market.

Data collected by Pickles Auctions shows that the average battery health of used electric vehicles exceeds 90%, even for high-mileage models. Battery health measures the remaining usable capacity of the battery, which directly affects driving range. For instance, a car originally capable of traveling 500 kilometers on a full charge would retain 80% of this range if its battery health drops to 80%. Importantly, most EVs come with an eight-year or 160,000-kilometer warranty on the battery, ensuring it remains above 70% health.

Brendon Green, General Manager of Automotive Solutions at Pickles, highlighted that their findings confirm the robustness of used EV batteries. Hyundai and BYD emerged as top performers in battery longevity, followed closely by Tesla. Advancements in battery temperature management, such as liquid cooling systems, have significantly contributed to improved battery life. Despite the relatively small sample size, the data suggests a promising trend in the used EV market.

Pickles' analysis also revealed that used electric vehicles are now priced similarly to or below pre-pandemic levels, contrasting with gasoline and diesel vehicles, which remain 20% higher. A notable shift is the increased interest from private buyers, who account for 51% of EV sales, compared to 24% for traditional fuel vehicles. This trend reflects a growing awareness and education among EV buyers, who tend to be more informed and research-driven.

The upcoming FBT exemption for electric vehicles in July will likely boost the used EV market further as lease returns increase. While this might impact prices for new EVs, it presents an excellent opportunity for those seeking affordable entry into electric mobility. Overall, the positive battery health data and favorable pricing trends signal a bright future for the used EV market.