Used EVs Now Cheapest Cars to Own Over 10 Years

If you've been eyeing an electric car but worried about the price tag, there's genuinely exciting news for your wallet.

A new study from the University of Michigan found that three-year-old used EVs are actually cheaper to own than new or used gas-powered cars over their full lifespan. We're talking real savings of $6,700 to $13,000 over ten years.

The research looked at everything: purchase price, home charging installation, insurance, fuel costs, routine maintenance, and resale value. While EVs lose value quickly in their first three years, they hold steady after that. Meanwhile, gas-powered cars keep racking up maintenance bills.

Here's where it gets better. Those lower maintenance costs add up to about $3,700 in savings over seven years for some vehicle types. Electric motors simply need less care than engines with hundreds of moving parts that need oil changes, transmission work, and exhaust system repairs.

The timing couldn't be more perfect. Industry experts predict a flood of three-year-old EVs hitting dealerships in 2026. These are cars coming off lease from when dealers offered heavy discounts to move inventory. Models like the Tesla Model Y and Volkswagen ID.4 were practically given away on lease deals.

Tyson Jominy, senior vice president at J.D. Power, says dealers are eager to move these vehicles. Translation: buyers have serious negotiating power right now.

The durability question has been answered too. The average car on American roads is nearly 13 years old. Some of the earliest Nissan Leafs are reaching that age with over 200,000 miles on the clock. Recent battery research shows that proper charging habits extend battery life even further than expected.

The Bright Side

This wave of affordable used EVs comes at exactly the right moment for budget-conscious families. Americans typically keep their cars for over a decade, and this study shows that buying used electric makes financial sense for that entire ownership period.

The math works because you avoid the steepest depreciation hit while still getting a reliable vehicle with years of lower operating costs ahead. You're essentially getting the best of both worlds: a cheaper purchase price and cheaper ongoing costs.

Even discontinued models hitting the used market, like certain Ford F-150 Lightning and Nissan Ariya variants, represent solid values. These aren't lemons; they're simply vehicles that didn't meet sales targets but still deliver on the core promise of electric transportation.

Consumer reports already show early Tesla Model 3 and Model Y owners are happy with their purchases after upgrading. Those cars are now excellent secondhand options.

For anyone car shopping this year, the used EV lot might just be the most underrated destination around.