A recent study highlighted by InsideEVs shows that used electric vehicles (EVs) now offer the lowest total cost of ownership compared with new or used gas cars, hybrids, and plug-in hybrids. According to research from the University of Michigan, a typical three-year-old used EV can save owners up to about US $13,000 over its lifetime, significantly more than the roughly US $3,000 savings of a comparable used petrol SUV. The study attributes this to the steep depreciation EVs experience early on combined with much lower ongoing energy and maintenance costs, making them a compelling choice for cost-conscious buyers if most charging is done at home and the vehicle is kept long-term.
The analysis, published in Environmental Research Letters, found that in every vehicle class modelled, used EVs came out cheaper to own over a 10-year life cycle, despite higher initial prices for new EVs. However, the study notes that frequent reliance on public fast charging can reduce savings compared with hybrids, though used EVs still typically beat traditional gas cars on total cost of ownership. Read the full article here: InsideEVs – Used EVs Are The Cheapest Cars To Own: (InsideEVs)