The second-generation Kia Niro EV is a likable small EV, even if it plays second-fiddle to the sharply-styled EV6. As a converted ICE car, it might not have the range or efficiency of Kia’s dedicated EV lineup. However, the Niro EV is a pleasant driving car with a decent 253-mile range, even if its $40,975 base price feels a bit pricy for its limited range and prestige. On the used car market, though, prices are falling very fast, scary fast. Prices are so that they’d be eligible for the Inflation Reduction Act’s tax credit if they weren’t so new.
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The used EV market is falling hard
As a whole, the used car market is facing a serious reset. The high-priced used cars, once a hallmark of the pandemic, are officially in our rearview mirror. EVs have taken the brunt of that fall, with depreciation falling somewhere in the 30% range year-over-year, depending on the source.
Barring a handful of units that managed to pile on more than 60,000 miles in the first year of ownership, one of the cheapest 2023 Niro EVs in the United States, is a base model Wind unit located not too far from me in Washington Court House, Ohio. At roughly 26,000 miles, its first year of ownership saw an above-average level of driving, but still within the realm of what I think most average Joes would consider a low-mile example. The car was purchased and registered by its original owner in late April 2023, but it didn’t last too long in their hands. A whopping 26,000 miles later in November of that same year, it ended up in the hands of SVG Chevrolet Buick Washington Courthouse. At an advertised price of $24,230 (up from the $23,876 on 2/1/2024), the Niro EV has lost a whopping 41% of its value.
This isn’t the only example, either. I’ve been keeping my eye on many used EVs for a little bit of time, and the number of used Niro EVs has exploded in the last few weeks. This certified pre-owned example in Southern Pines, North Carolina has done only 15,000 miles, and it’s listed for a dirt cheap $23,990. It’s not hard to find units with less than 3,000 miles, for those in the mid-to-high 20s.
It appears that most of the examples for sale are the base model units in Wind trim. That’s totally, okay though – the Niro EV only comes in two trims, Wind, and Wave. The base Wind is still well equipped, coming jam-packed with heated seats, dual-zone climate control, and a power liftgate. The biggest differences between the two trims are the larger 19-inch wheels, panoramic sunroof, and upgraded sound system in the Wave trim. Otherwise, they’re effectively the same car. I’m sure most buyers could live without a few creature comforts if the price is right.
Unfortunately, the second-generation Niro EV is too new to qualify for the IRA’s $4,000 used car tax credit – which I suspect might be this model’s Achilles heel. That program specifies the vehicles must be at least two years old before they’re eligible for the credit. This makes the year-old examples less of a bargain, compared to a 2022 or older EV. And, considering that it’s only February, these won’t be eligible for any tax credits for basically a full year – not helpful for a buyer in search of getting the tax credit and buying a car as soon as possible. Despite the Niro EV’s merits, I anticipate these vehicles being dealership lot poison to the salesman, and less than attractive prospects to the EV bargain hunter in search of a deal.
But, if you’re willing to wait, the Kia Niro EV could be a stunning used EV deal. Next year, at least.
