Strategies for Buying Cheap Unsold Electric Cars

Understanding the Electric Car Market

The electric vehicle market has grown exponentially, with global sales increasing by 43% in 2020 alone, despite the broader automotive market contracting by 20% due to the economic impact of the pandemic. Despite this growth, dealerships sometimes end up with unsold stock due to overestimation of demand or the rapid introduction of newer models. These unsold cars, often last year’s model or cars with less popular features, present an excellent opportunity for savvy buyers.

Why Do Electric Cars Remain Unsold?

• Overproduction: Manufacturers may overestimate market demand, leading to excess inventory.
• Rapid Model Updates: With technology evolving rapidly, newer models can quickly make older versions less desirable.
• Economic Factors: Economic downturns can reduce consumer purchasing power, leading to higher inventory levels.
• Regional Demand Variability: Electric cars may be more popular in urban areas, with rural areas seeing less demand and thus more unsold stock.

How to Find Cheap Unsold Electric Cars

1. Research the Market

Start by understanding which electric car models are most likely to have unsold units. This can be achieved by monitoring electric vehicle forums, automotive news sites, and industry reports. Models that are frequently updated or those that have had significant recent upgrades are more likely to have older models left unsold.

2. Target Specific Times of the Year

Dealerships are most likely to have unsold inventory towards the end of the year or during model year transitions. This is when they are keen to clear old stock to make room for new models, often resulting in significant discounts.

3. Check Dealer Inventories

Many dealerships list their inventory online. Regularly checking these listings can alert you to unsold models, particularly those that have been on the lot for a long time. Cars that have been in inventory for over 90 days are typically priced to sell.

4. Explore Less Popular Colors or Configurations

Cars with less popular colors or configurations (such as those lacking certain desirable features) are more likely to be discounted. If you are not particular about specific features or colors, these cars can offer substantial savings.

5. Utilize Online Tools and Platforms

Websites like TrueCar, Cars.com, or Autotrader can help you identify dealers with unsold electric cars. These platforms often provide information on how long a vehicle has been listed, which can be a useful negotiating tool.

6. Negotiate

Armed with your research on how long the car has been for sale and knowledge of any newer models or updates, negotiate the price with the dealer. Be prepared to walk away if your target price is not met, as this often brings the dealer back to the table with a better offer.

7. Consider Incentives

Look for federal, state, or local incentives for buying electric vehicles. These incentives can further reduce the cost of an unsold EV. Each region has different incentives, so research what’s available in your area.

8. Check for Dealer Incentives

Manufacturers may offer special financing rates or cash-back offers to help dealers move unsold inventory. Always ask the dealership about any current promotions or incentives that could reduce the cost of the car.

Conclusion

Finding a cheap unsold electric car requires research and patience but can result in substantial savings. By understanding market trends, targeting the right times to buy, and effectively negotiating, you can secure an electric vehicle at a much lower price than usual.