Are used electric vehicles cheaper to own than gas cars over ten years?

Yes, a new study suggests that three-year-old used electric vehicles are less expensive to own over a 10-year lifespan compared to new or used gasoline-powered cars.

When will a large inventory of used EVs be available?

A significant inventory of three-year-old, off-lease EVs is predicted to hit used car lots in 2026.

How much can I save by buying a used EV?

The savings over an expected 10-year life of a vehicle for a fully electric vehicle were determined to be between $6,700 and $13,000.

Home / Technology / Save Thousands: Why Used EVs Are The Smart Buy

Save Thousands: Why Used EVs Are The Smart Buy

1 Feb

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Summary

Used EVs are cheaper to own over 10 years than new cars.
Depreciation slows significantly after the first three years.
Buyers could save $6,700 to $13,000 on used EVs.

Save Thousands: Why Used EVs Are The Smart Buy

As many three-year-old electric vehicles (EVs) come off lease, a new study suggests they will be the most budget-friendly car option in 2026. Research indicates that owning a used EV for ten years is more cost-effective than owning a new or used gasoline-powered car.

The study, which factored in purchase price, charging installation, ownership costs like fuel and maintenance, and resale value, found that EVs experience steep depreciation in their first three years, after which their value stabilizes.

Ownership costs for gasoline cars increase significantly over time due to maintenance. For certain vehicle types, this difference can amount to as much as $3,700 over the remaining seven years of ownership.