Are Used Electric Vehicles Now More Affordable Than Their Gas Counterparts?

We’re living in an interesting time in the automotive world. You can still get a strictly gas-powered car, as many companies make them. However, you also have many of the gas and electric hybrids that first started showing up for widespread purchase a little more than two decades ago. 

Now, you can also throw many forms of electric vehicles into the mix. All of this translates to a hodgepodge of cars on the road powered by different means. You could easily see a gas-powered car, a hybrid, and an electric vehicle all sitting in traffic next to each other.

 If you are looking at used cars, San Antonio residents, then you might not feel sure which of these three kinds to buy. For the moment, let’s avoid talking about hybrids and focus on electric vehicles and gas-powered ones.

Say you are looking at buying strictly a used vehicle rather than a certified pre-owned or brand-new one. Is buying an electric vehicle with a previous owner now cheaper than purchasing a used gas-powered one? It’s a question that’s well worth asking, so let’s look at the answer right now.

 Why Buy a Used Vehicle?

Before we talk about the affordability of gas-powered cars and electric ones, let’s discuss why you would want to buy a used car in the first place. For most people who are seriously thinking about buying a used vehicle, price is the main factor that leads them in this direction.

Most drivers understand that brand-new cars are typically more expensive than certified pre-owned ones. They also know that used ones are less expensive than certified pre-owned models.

Used cars are cheaper, but they’re more inclined to be subject to breakdowns. They might not stay on the road as long before they require major repair work.

However, if you don’t have very much money to spend, and you’re badly in need of a vehicle to get you to and from work or the grocery store, you may have little choice but to buy used rather than a certified pre-owned vehicle or brand-new one. That’s why there’s a huge market for used cars. At a time when the cost of virtually everything keeps going up, finding yourself a relatively affordable, gently used car can be a real lifesaver. 

Now, let’s talk about the cost of used electric vehicles versus their gas equivalents.   

Used Electric Vehicles Are Seldom Less Expensive Than Used Gas-Powered Ones

For the most part, the cost of a used electric vehicle will not be less than a gas-powered one. This is understandable if you take a minute to think about it.

Brand-new electric cars are often more expensive than a gas-powered one because you will never need to buy fuel for it. You can usually just plug it into an outlet you install in your garage, and it is ready to drive in a few minutes. You can also find increased infrastructure out in the world these days that supports electric car charging when you’re not at home.

If you buy a vehicle that’s powered by electricity, and you put the price up against a car of similar dimensions and capabilities from that same year, then the cost of the electric vehicle will almost always be more. Just because both are used, that does not typically mean the resale prices will draw even with each other.

It would be nice if that was the case, and you could buy something like a used 2022 electric model for roughly the same price as a used gas-powered model from the same year. If you start to look at used cars that have the same dimensions and are from the same year, though, you will almost never find that to be true. Used or new, electric cars still usually cost more on the secondary market if you compare them to a gas-powered one.    

There Are Always Exceptions

However, while that might disappoint drivers who are trying to buy a used electric vehicle at a bargain price, there are always exceptions to this rule. You can sometimes find cheaper used electric vehicles than gas-powered ones if you know what to look for.

You always have to factor in the manufacturer and model, since that will play a huge role in determining the resale value of a vehicle when it’s used. Think of it in this way.

Something like a used 2022 Nissan Leaf might cost you anywhere from $11K on the low end to $26K on the high end, depending on how many miles it has on it and whether it has ever been in any accidents. You can probably find an equivalent gas-powered vehicle that comes with a lot more bells and whistles than the relatively stripped-down Nissan Leaf.  

If you match that price against something like a 2022 Chevy Equinox LS, you can often find one for an equivalent price. The Equinox with less than 30,000 miles on it might go for about $21K, meaning we’re in the same ballpark in terms of cost.

That’s just one example, and you can probably think of many more. If you put the price of a fancier gas-powered used car up against the price of a used electric one that’s not extremely well-equipped, you would probably end up paying close to the same amount. 

When shopping for a used car, know that you will often get more bang for your buck with a gas-powered one and less for an electric one in the same price range. It becomes a question of what you’re prioritizing as a consumer.

If you’re okay getting a vehicle with a more luxurious interior and better safety features that happens to be gas-powered, then you may feel more comfortable spending your money on that. If you’re set on getting a used electric vehicle that is more bare bones, you can probably spend the same amount of money and find yourself one. 

You’ll need to look carefully at what’s available in your area when making this decision.