The conventional wisdom that “electric cars are expensive” no longer works in the used car market. T..

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사진 확대 [Pixabay]

The conventional wisdom that “electric cars are expensive” no longer works in the used car market. This is because the high price tag, which made people hesitate to purchase new cars, has turned into a weapon that maximizes cost-effectiveness (performance versus price) in the used car market. According to a recent study, purchasing a three-year-old used electric car can save more than 18 million won in lifetime compared to an internal combustion engine.

Researchers at the University of Michigan Sustainable Systems Center (CSS) published the results of analyzing 260,000 sales posted on the used car trading site “Craigslist” and fuel cost data from 17 major U.S. cities in the international journal Environmental Research Letters at the end of last month. The core of the study is clear. Used electric vehicles (EVs) have the lowest “lifelong cost of ownership” among all vehicles, including internal combustion locomotives and hybrid vehicles.

Assuming that the research team purchases a 3-year-old used electric SUV (sports utility vehicle) and runs until the 10th year, it can save about $13,000 (about 18.4 million won) compared to purchasing a new internal combustion engine SUV under the same conditions. On the other hand, the savings of a used internal combustion locomotive was only about 3,000 dollars (about 4.2 million won). In other words, used electric vehicles are more than four times more economical than internal combustion locomotives.

The main reason for these results is the “acute depreciation” of electric vehicles. With rapid development of battery technology, the price of the old model drops faster than that of the new car. It’s heartbreaking for new car buyers, but it’s an opportunity for used car buyers to significantly lower their initial costs. On top of that, the number of parts is smaller than that of internal combustion locomotives, so it has the advantage of less repair costs and cheaper fuel costs, widening the gap in maintenance costs.

Dr. Maxwell Woody, who led the study, said, “We expected electric vehicles to be cheap only in certain cities or models, but the results were surprisingly consistent. Used electric vehicles were the most cost-effective at all levels, from small sedans to pickup trucks.”

Foreign media, including the Daily Mail, cited the results of the study and paid attention to changes in the European market. Robert Elliott, a professor at the University of Birmingham in the UK, said, “In countries such as the UK and Korea, where fuel costs are higher than in the United States, used electric cars will be more cost-saving,” adding, “The recent influx of low-cost electric cars from China into the market is fueling the decline in used car prices, creating an environment favorable to consumers.”

However, it does not guarantee unconditional savings. The researchers emphasized that several important prerequisites are attached to this result. The biggest variable is the charging environment. The analysis was calculated under the assumption that drivers mainly use home chargers, so-called “house-cooked meals.” In an environment where you have to rely on public high-speed chargers, the reduction in fuel costs is greatly reduced. In fact, in Boston and San Francisco, where electricity prices are high, the maintenance cost of electric vehicles was higher than that of internal combustion locomotives.

Additional costs should also be taken into account. Dr. Tien Viet Nguyen of the London School of Economics (LSE) pointed out, “Electric cars have lower initial costs and fuel costs, but insurance premiums can be more expensive than internal combustion engines and repair costs can be high in the event of a failure of certain parts.” Also, used electric vehicle batteries may have lower performance than new cars and may have shorter driving distances, which may not be suitable for drivers who often drive long distances.

“The rapid price drop may be negative news for new car buyers, but it is a very positive sign for ordinary people and economical consumers looking for used cars,” said Greg Keolean, a professor at the University of Michigan. “It is important to promote the economic value of the used car market as well as new cars in order to expand the supply of electric vehicles.”