"Used EVs are now the cheapest cars to own over a 10-year vehicle life period, according to a new study from the University of Michigan published in Environmental Research Letters. In short, a three-year-old electric mid-size SUV can offer an average lifetime savings of $13,000 compared to a new gas-powered mid-size SUV. Meanwhile, a used gas SUV from the same category can deliver a lifetime savings of just $3,000, according to the study's authors."
""Transportation is the second-largest portion of the average household's budget and, in the new vehicle market, EVs are usually more expensive," said Maxwell Woody, the lead author of the study. Woody is a research assistant at the U-M Center for Sustainable Systems, or CSS, and the School for Environment and Sustainability, or SEAS. "But 70% of all vehicle purchases are used, and used EVs have the lowest cost of ownership across vehicle classes.""
Used electric vehicles are the cheapest cars to own over a 10-year vehicle life period. A three-year-old electric mid-size SUV can offer an average lifetime savings of $13,000 compared to a new gas-powered mid-size SUV. A comparable used gas SUV from the same category can deliver lifetime savings of about $3,000. More than 20% of Americans now agree to pay over $1,000 each month for a new car loan, putting stress on household budgets. Transportation is the second-largest portion of the average household's budget. EVs are usually more expensive in the new vehicle market, but 70% of purchases are used and used EVs show the lowest cost of ownership across vehicle classes. Savings vary by region and some scenarios may prevent EVs from breaking even with combustion vehicles.
Read at insideevs.com
Unable to calculate read time
Collection
[
|
...
]