After further research revealed the fact that the lifespan of electric vehicle batteries is getting longer and better charging habits may increase that, another study strongly suggests that those looking for the most economical car in 2026 should examine the potentially large inventory of used electric vehicles coming to market.
Three-year-old used electric vehicles are cheaper to own than new or used gasoline cars over a 10-year lifespan, a study suggests. study published on January 27 and 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 considered in the study included the purchase price, the cost of adding a Level 2 home charging station, common ownership costs such as fuel, insurance and routine maintenance, and the eventual value of the vehicle after ten years. Even though full electric vehicles are worth far less than the window sticker indicates when new, the study found that the steep price depreciation during the first three years subsides considerably after that. Prices then follow a trend similar to that of equivalent gasoline or hybrid vehicles. And anything with a gasoline engine incurs higher maintenance costs over the remaining seven years of ownership, requiring a greater outlay for the owner as the vehicle ages, up to a difference of $3,700 for some vehicle types.
The study did not focus on particular models, but rather an amalgamation of models within a specific vehicle type, but given that many electric vehicles are comparable to gas-powered or hybrid compact and midsize SUVs, and are among the most popular vehicle types sold in the United States today, the savings over an expected 10-year life of a vehicle was determined to be between $6,700 and $13,000 in favor of the vehicle entirely electric.
The study’s findings are particularly important today, as analysts predict a large inventory of three-year-old off-lease electric vehicles hitting used car lots this year. Tyson Jominy, JD Power’s senior vice president of data and analytics, 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 help achieve success. a buyer’s market for used electric vehicle buyers.
Dealers “will always want these cars off their lots,” Jominy said.
The average age of a car on U.S. roads is approaching 13 years, according to Global S&Pand some of the older Nissan Leafs and Tesla Model S, soon to be abandoned examples are also this age and span over 200,000 miles. Consumers have already found the used Tesla Model 3 and Model Y to be good value for money. the owners unload them as soon as they can. That said, there will likely be plenty of good EVs in large quantities in 2026 that sellers can’t wait to get rid of, which is good news for most buyers.
