Used electric cars offer buyers the LOWEST lifetime cost of ownership

"Used electric vehicles (EVs) now offer buyers the best value over the entire lifetime of the car, a study claims. According to experts from the University of Michigan, compared to a new mid-sized SUV with an internal combustion engine, a three-year-old EV version offers lifetime savings of £9,486 ($13,000). In comparison, buying a used petrol version would only save you £2,190 ($3,000) over the car's lifetime."

"New EVs are typically much more expensive than their internal combustion counterparts, coming in around 35 per cent more expensive on average. But because EV and battery technology advances so quickly, older models depreciate much faster than cars with petrol engines. 'It's not the most positive news if you're in the market for a new EV, knowing that your resale value may be impacted by the faster depreciation,' said study co-author Professor Greg Keoleian, of the University of Michigan."

"To analyse the total cost of a car over its lifetime, the researchers analysed 260,000 listings for used cars on the classified advertisements website Craigslist. The researchers looked at purchase price and depreciation data, as well as recurring costs such as fuelling, maintenance, and repairs. Since their study was based in the US, they used data from 17 US cities to work out the costs of fuel, charging, and repairs."

Used electric vehicles now deliver the best lifetime value for buyers, with a three-year-old EV mid-sized SUV saving £9,486 ($13,000) versus a new internal combustion mid-sized SUV. A used petrol equivalent saves only £2,190 ($3,000) over its lifetime. New EVs cost roughly 35% more than petrol counterparts, but rapid EV and battery technology advances cause faster depreciation of older EVs, lowering their used prices. Analysis of 260,000 Craigslist listings considered purchase price, depreciation, fuelling, maintenance, and repairs across 17 US cities. Used EVs aged three to ten years are almost always the cheapest choice across multiple vehicle classes.

Read at Mail Online