How much money can be saved by buying a used electric vehicle?

Used electric vehicles can offer significant lifetime savings, with one study estimating approximately £9,486 ($13,000) more in savings compared to a new internal combustion engine mid-sized SUV.

Why are used electric vehicles cheaper over their lifetime?

Used electric vehicles are often cheaper over their lifetime due to faster depreciation rates compared to traditional gasoline cars, making them more affordable for second owners.

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Used EVs Offer Big Savings: Study Finds

Q: What factors influence the savings on a used EV?

The savings on a used EV are most pronounced when charging occurs at home, though higher electricity costs in certain cities can diminish these benefits.

27 Jan

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Summary

Used EVs offer significant lifetime savings over new combustion engine cars.
Faster EV depreciation makes older models a better value for buyers.
Home charging is key to maximizing used EV savings.

A recent study by University of Michigan scientists indicates that used electric vehicles (EVs) provide the most significant lifetime cost savings for consumers. Compared to a three-year-old EV and a new internal combustion engine mid-sized SUV, the used EV offers an estimated £9,486 ($13,000) in lifetime savings. This advantage stems from the rapid depreciation of EVs due to swift technological advancements, making older models considerably cheaper for second owners.

The research analyzed over 260,000 used car listings on Craigslist, considering purchase price, depreciation, and recurring costs like fueling and maintenance. Findings suggest that used EVs, aged between three and ten years, are consistently the most economical choice across various vehicle types, including sedans, SUVs, and pickup trucks. These savings are amplified when charging occurs at home, though higher electricity costs in cities like Boston and San Francisco can reduce the advantage.