Rising gasoline prices are prompting many drivers to reconsider their next vehicle purchase, and for some shoppers the answer may lie in the used electric vehicle market.
Pre-owned EVs are increasingly emerging as an affordable alternative to traditional gasoline-powered cars. Many used electric models are priced below $30,000, often making them cheaper than comparable second-hand petrol vehicles. Research from the University of Michigan also suggests that EVs rank among the most affordable vehicles to own over time.
One of the key reasons is the lower running cost. Electric vehicles do not require gasoline and typically demand less routine maintenance than internal combustion models. In addition, studies show that EV batteries are lasting longer than initially expected, reducing concerns about expensive replacements.
However, charging remains a crucial factor when evaluating overall costs. Charging at home is generally inexpensive, but relying on public DC fast-charging stations can significantly increase expenses. Public fast charging can cost roughly four times as much as home charging, in some cases approaching the price of filling a gasoline tank.
Even so, rising fuel prices could still tilt the cost comparison in favor of EVs, including for drivers who occasionally rely on public chargers.
A cost comparison published by EV education nonprofit Veloz in December highlights the potential savings. According to the study, fully charging an electric vehicle at home costs about $12.86 on average. By contrast, filling a standard 14-gallon gasoline tank costs roughly $43.00. Based on these figures, EV drivers could save as much as $2,000 per year on fuel.
The challenge, however, is that not every driver has access to a home charging setup, which can limit those potential savings.
For consumers looking to evaluate the economics themselves, Veloz provides an online EV savings calculator. The tool allows users to compare home and public charging costs based on their ZIP code and vehicle type.
While sustained high gasoline prices could encourage more drivers to transition to electric vehicles, analysts note that fuel costs would likely need to remain elevated for several years to trigger a lasting shift in consumer buying habits.
In the meantime, for budget-conscious buyers, a competitively priced used EV could offer an appealing way to cut transportation costs.
