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True Cost of Owning an EV
Used electric vehicle sales jumped sharply in March in Europe, offering buyers more affordable options as lease returns flood the market. But the US is also not behind. According to Cox Automotive, used EV sales rose 27.7% from a year earlier and 53.9% from February. Of those sold in March, 44% were priced under $25,000.
The average price for a used EV in March was $34,653 — only $1,102 more than the $33,641 average for used gas cars. This gap has narrowed significantly from $3,923 a year ago, signaling near price parity.
Market Trends Driving Affordability
A major factor behind the increase is the wave of off-lease EVs returning to dealer lots. Many vehicles leased in late 2022 and 2023 (typically three-year terms) are now coming back, boosting supply and selection, according to Edmunds analyst Joseph Yoon. The share of EVs among lease returns is projected to rise from 2% in 2025 to 8% in 2026.
Federal EV tax credits (up to $7,500 for new and $4,000 for used) ended in September 2025 under the One Big Beautiful Bill Act. However, many states still offer incentives such as tax credits, rebates, or lower utility rates for EV owners.
Charging
EVs eliminate gas expenses, but charging costs vary. Home charging with a Level 2 unit is usually the cheapest option. For about 1,015 miles per month, home charging might cost roughly $60, compared to $169 at public fast chargers or $147 for a 30-mpg gas car (based on Kelley Blue Book estimates using national averages).
Installing a home charger costs around $500 for the unit, but electrical upgrades can add thousands. Some homeowners associations restrict home charging. Public charging networks sometimes offer subscription discounts, and states or utilities may provide installation rebates.
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Maintenance
EVs generally require less maintenance than gas cars. There are no oil changes, and regenerative braking extends brake life. However, their heavier weight causes faster tire wear, so tires may need replacement sooner.
Repairs and Insurance
Repair costs after accidents tend to be higher for EVs. In 2025, average collision repairs were about $6,395 for battery EVs versus $5,105 for gas cars, per Mitchell International. Finding qualified repair shops or parts can also take longer depending on the model and location.
Insurance is typically more expensive due to higher repair costs. The average annual premium for an EV is around $4,058 compared to $2,732 for gas cars (Insurify 2025 data), though used models cost less to insure than new ones. Costs vary widely by vehicle, location, and insurer.
Battery Health and Replacement
Buyers should check the battery warranty (typically 8–10 years or 100,000 miles) and request a current health report. Most warranties on recent off-lease vehicles remain transferable with substantial coverage left. A new battery can cost $5,000–$15,000, according to Consumer Reports.
Subscriptions
Some advanced features like driver assistance or connectivity require paid monthly subscriptions ($10–$100). These are optional and not needed for basic vehicle operation.
Bottom Line
Used EVs are becoming more accessible with competitive pricing and potential fuel and maintenance savings — especially for those who can charge at home. However, higher insurance, potential repair costs, and faster tire wear are important factors to weigh.
Prospective buyers should evaluate total ownership costs, local incentives, and the specific vehicle’s battery condition before switching.
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