There’s been a recent electrical surge occurring within the automotive industry and we are witnessing history with the global evolution of the electric car. This evolution is on par with what happened in the auto industry with the Model T a hundred years ago so it’s that significant and game changing! Several years ago the stage was set when hybrids were introduced and despite lacking visual appeal they became a sexy mode of transportation. Beyond being the most economical gas sipping vehicle to drive it became a fashion statement or sometimes even a political one.
The hybrid set the stage for the electric car but in the last two years we’ve seen unprecedented growth and all of the luxury brands are drafting their plans for an electric vehicle of some sort. Right now the most prominent brand associated with electric cars happens to also be an American brand playing in the luxury lane so that’s why we are here. That brand is Tesla and for those already in the know about the Tesla brand that enlightenment comes courtesy of Captain Obvious.
Tesla has been around since 2008 when they initially introduced their Roadster model that was a two-seater sports car that resembled a Lotus sports car to many. In practice that was probably a good start for Tesla since most sports cars are not the primary vehicle people use so in essence they are likely weekend toys. Sports cars need to have great visual appeal and performance to match and that was certainly one of the challenges for Tesla’s Roadster. Whether you want to classify that car as a success or not doesn’t really matter because it was basically a test run for Tesla as the next model that was introduced was their most popular to date, the Model S. The Model S was introduced as a 2012 model therefore most likely hitting the streets in 2011. It’s been around for five years and still seeing strong sales.
Since it’s been around for longer than the typical lease term of 36 months that means there are many used versions to be found. Electric cars are a completely different animal compared to non-electric cars to consider when buying used. Another point brought to you by Captain Obvious but maybe not so obvious. Aside from the usual process you should go through when buying any used or CPO’d (Certified Pre-Owned) vehicle an electric one brings a new set of considerations. I won’t bore you with the standard stuff you already know about buying used but just to put it out there you should always have a pre-purchase inspection especially if you are buying a brand under another brand’s name, i.e. buying a pre-owned BMW at a Mercedes dealership.
Here are the new things to think about if you are buying a pre-owned electric vehicle:
Have you ever driven an electric vehicle before? Many people might think it’s cool but the driving experience is completely different than the gas or diesel combustion engine vehicle you’ve been driving for the last 10+ years.
Do you have a place to plug in at your residence and if you drive to work is there a charging station there? If you live in some sort of complex many still don’t have the means to support electric or hybrid vehicles that need to be charged and running an extension cord from your apartment window to the vehicle likely violates some residence rule not to mention it’s a bit ghetto!
Can the dealer tell you how much life remains on the original battery? Electric vehicles are like cell phones with wheels. No matter how diligent you are with proper maintenance over time ALL batteries lose their ability to maintain a charge. So what does that mean? Battery replacement will cost several thousand dollars and on your way to a new one you will be getting lesser miles per a full charge. If you think dealing with a dying cell phone causes some anxious moments try dealing with getting home in your car with a blinking red light warning you that there is only a 10% charge remaining but you are a 20% charge away. Not a good look and hope you brought your walking shoes!
This next point may seem like common sense but common sense is not common. How far do you regularly drive? I’ve not heard of any of the electric vehicles getting more than 300 miles per full charge and even that number can be misleading as it is based on optimal driving conditions. In other words, a perfect world and last I checked it is on rare occasion we get a perfect driving day. That’s the equivalent in baseball of a “no hitter”. When you factor in stop and go traffic, ninety degree days operating (heat can drain power) and running all the other accessories in the car that drain energy like AC, driving lights, entertainment systems and possibly onboard Wi-Fi your miles per charge get seriously diminished.
Last but certainly not least, servicing and costs. What sort of servicing needs will you have to get done and at what frequency? You certainly won’t need an oil change, or will you? What about the brakes? Some of these cars charge the battery when you apply the brakes. How does that impact brake wear? What about the hidden costs that I’ve rarely read about? We all know the cost of gas or diesel fuel goes away about what is the delta between a decrease in fuel costs versus an increase in electrical use, aka your electric bill? I remember living in Arizona for several years and during the summer months my electric bill was higher than my winter gas bills from the Midwest and Northeast. Will insurance be more? I’ve read the Tesla S has a version that is faster 0-60 than many sports cars. Will I need to buy tires more often? Do these cars require special tires?
As you can see there are many things to think about when buying an electric vehicle and the list of things you need to be mindful of grows when buying pre-owned. When you consider that battery replacement is unquestionably the biggest expense regarding buying pre-owned it’s something to think about? You should also know that we are only in the early stage of electric vehicles and these are all first generation, hence my Model T reference earlier. We know that battery technology is getting better and the driving range for electric cars will increase will the time to get to a max charge will decrease. These two major points will make electric vehicles a more viable option in the future. The question now becomes are we talking near future as in I’ll hold off buying one because next year there will be a major change or evolution in battery technology or are we talking five years from now? If it is the latter and you buy now just know you will be driving the iPhone 7 and five years from now when the iPhone 12 is available you will have outdated technology which will negatively impact your driving quality of life. Just like smartphones there will be certain types of programs you won’t be able to run because your outdated technology is not capable. Most importantly the thousands of dollars you spent on said vehicle will likely not be worth more than 25% of what you bought it for. Doesn’t seem like such a great deal now does it?
In conclusion, electric vehicles are great commuter cars and have potential to save you running costs when you compare the cost of fuel versus the cost of electricity. They can be cool vehicles to drive, they have green earth appeal and sometimes even save you money but they are evolving technology. I’d certainly lease one if I liked the vehicle that much but buying new or pre-owned is something to seriously think about unless you are the type that buys a car and drives it until the wheels fall off. The electric surge will undoubtedly continue to increase here and across the globe. These are exciting times as both a car and technology geek so pay attention and watch this latest revolution unfold right before you very eyes. There are many to pick from on that pre-owned lot so be certain your pick doesn’t electrocute your wallet.