A lot of people leased EVs three years ago, and now they're turning them in. You should probably buy one.
A lot of people leased EVs three years ago, and now they're turning them in. You should probably buy one.and better charging habits can increase that, another study strongly suggests that those looking for the most budget-friendly car in 2026 should look at the potentially large inventory of used EVs hitting the market.
Three-year-old used electric vehicles are less expensive to own than new or used gasoline-powered cars over a 10-year lifespan, according to aand sponsored by the Responsible Battery Coalition, the State of Michigan Department of Labor and Economic Opportunity, and the University of Michigan Electric Vehicle Center. Factors in the study included purchase price, the cost of adding a Level 2 home charger, ongoing ownership costs such as fueling, insurance and routine maintenance, and eventual value of the vehicle after it’s ten years old. While full EVs are worth far less then what the window sticker showed they cost when new, the study found that the steep depreciation in price from the first three years significantly tapers off after. Prices then follow a similar trend to equivalent gas or hybrid vehicles. And anything with a gas engine incurs more maintenance costs for the seven remaining years of ownership requiring a greater outlay for the owner as the vehicle aged, as much as a $3,700 difference for some vehicle types. The study didn’t focus on particular models, rather focusing on an amalgam of models in a specific vehicle type, but given that many EVs are comparable to gas or hybrid compact and midsize SUVs, and are among the most popular vehicle types sold in the U.S. right now, the savings over an expected 10-year life of a vehicle was determined somewhere between $6,700 and $13,000 in favor of the fully electric vehicle. The findings of the study are especially significant now as analysts predict a significant inventory of three-year-old, off-lease EVs hitting used car lots this year. J.D. Power senior vice president of data and analytics Tyson Jominy told Gizmodo a month ago that heavily subsidized leases for cars like the Tesla Model Y and Volkswagen ID.4, and discontinued cars like the Ford F-150 Lightning and Nissan Ariya, would make itsoon-to-be-discontinued Tesla Model S examples are around that age, too, and going on upwards of 200,000 miles. Consumers have already found used Tesla Model 3 and Model Ys to be good value as initial. That said, there are likely to be a lot of good EVs in heavy supply in 2026 that sales people can’t wait to get rid of, which is good news for most buyers.Ford Effectively Kills the Biden-Era Dream of All-Electric TrucksCalifornia Startup Flies Military Version of Its Air Taxi for the First TimeGM Unveils Electric SUV With ‘Eyes-Off’ Driving‘I Think It’s Quite a Scandal’: Plug-in Hybrids Not as Climate-Friendly as They Seem, Researchers Say
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