A Win for Smart Buyers
Used electric vehicles now deliver the lowest ownership costs in the country. They beat new gas cars. They beat used gas cars. They even beat most hybrids. A three-year-old EV can save drivers up to $13,000 over its lifetime. A similar gas car saves only about $3,000. That gap keeps growing as energy and maintenance costs diverge.
Depreciation Becomes an Advantage
New EVs drop in price faster during their first years. That sounds bad for first owners. It is great for second owners. You buy in after the biggest price cut. You still get years of battery life and strong performance. Modern batteries hold up better than many expect. As a result, depreciation turns into a buying opportunity.
Electricity Costs Less Than Gas
Fuel changes the math. Gas prices swing wildly. Electricity stays cheaper in most regions. Drive about 15,000 miles a year and the savings add up fast. Home charging keeps costs low. Off-peak rates push them even lower. Therefore, every mile in a used EV costs less than a mile in a gas car.
Maintenance Stays Simple
EVs run with fewer moving parts. They skip oil changes. They avoid exhaust repairs. They reduce brake wear through regenerative braking. Because of this, service bills stay lighter year after year. Gas cars still need engine work and fluid changes. Those costs never stop. Over time, the difference becomes obvious.
Charging Habits Boost the Benefits
Where you charge matters. Most drivers plug in mainly at home and use public chargers only sometimes. That mix keeps energy spending low. Drivers who rely more on fast chargers pay more. Even then, used EVs still undercut gas cars over the long run. Hybrids only approach EV costs when public charging dominates.
Why Gas Cars Can’t Keep Up
Used gas cars look cheap at first. However, they keep burning fuel. They keep needing engine repairs. Their savings hit a ceiling. EVs save on fuel and maintenance at the same time. This double win explains why electric now leads on total ownership cost.
What This Means for Drivers
Buying a new EV may still involve faster depreciation. Buying a used EV flips that into value. You get a lower purchase price. You get cheaper energy. You get fewer service visits. In today’s market, the most affordable way to own a car is no longer gasoline-powered. It is electric. And it is used.
