A new study out of the University of Michigan assessed the lifetime ownership costs of used vehicles bought in year three and driven until year 10, including insurance costs, repairs, maintenance and the value retained on the vehicle between purchase and sale. Overall, in the mid-sized SUV category, used electric vehicles offered a savings of $13,000 over a new version of that SUV with an internal combustion engine. Compared to a used version of the car with an internal combustion engine, a used vehicle offered lifetime savings of $10,000. The data was drawn from virtual vehicle models, monthly gas prices, electricity prices and Craigslist data of 260,000 listings of automobiles.
Matt Davenport, University of Michigan
