Used EV sales are surging — how their ownership costs compare to gas-powered cars

Used EV Sales Are Surging — Here's How Solar Charging Costs Compare to Gas

Used electric vehicle sales jumped nearly 28% year-over-year in March, as a wave of three-year lease returns floods dealer lots with more affordable EVs. The average used EV now costs just over $1,100 more than a comparable used gas car — down from a nearly $4,000 premium a year earlier — putting price parity within reach for buyers who might not have considered an EV before. For homeowners weighing a used EV, the sticker price is only part of the picture. How and where you charge the car has a bigger impact on your actual monthly cost than most people expect.

The charging cost gap is bigger than the price gap

According to a Kelley Blue Book analysis, driving about 1,015 miles a month costs roughly $59.66 charging at home, compared to $169 using public fast chargers for the same energy — and $147.24 for a comparable gas car at recent national gas prices. Home charging isn't just the cheapest option available to an EV owner; it's dramatically cheaper than both public charging and gasoline. Lower your home and EV charging costs with solar and battery backup without leasing, financing or paying cash for equipment

Where solar changes the math again

That $59.66 monthly home-charging estimate assumes standard grid electricity rates. A homeowner charging an EV from their own solar system — especially one paired with a battery that stores midday solar for evening use — can push that monthly charging cost even lower, since the electricity going into the car isn't purchased from the utility at all. For households already generating their own power, adding EV charging is often one of the highest-value uses of that electricity, since it directly offsets what would otherwise be one of the largest new expenses in the household budget.

A few other costs to budget for

Used EV buyers should also budget for higher insurance (EVs average $4,058 a year versus $2,732 for gas cars), the possibility of higher collision repair costs, and the eventual cost of a battery replacement outside of warranty, which can run $5,000 to $15,000. On the plus side, EVs typically need less routine maintenance than gas cars, with no oil changes and longer-lasting brakes thanks to regenerative braking.

The bottom line for homeowners considering a used EV

A used EV increasingly costs about the same to buy as a comparable gas car, but the ongoing cost of powering it can be dramatically lower — especially for homeowners who can charge from their own rooftop solar system rather than the grid or public chargers. Lower your home and EV charging costs with solar and battery backup without leasing, financing or paying cash for equipment if you're considering a used EV and want to know how home solar could lower your charging costs even further, My Home & Solar Solution can help you run the numbers for your household. Visit myhomesolution.org to learn more.