Used electric cars continue to drop in value. Willing to cut the fuel hose out of your life? It might prove less expensive to buy a used electric vehicle than its gas-powered counterpart.
The CarGurus CarValues page helped me do some research on the Instant Market Value of used electric vehicles and their gas-powered counterparts. It’s a helpful tool that helps you see the true cost of what used cars are selling for in your area in real time. (Your results may vary from mine based on geography and other fluctuations, because Instant Market Value can change as more cars get listed for sale.)
Let’s look at the Fiat 500e as an example. A 2014 model has an Instant Market Value of $13,445 for a used version with 24,000 miles on it. In this instance, a 2014 Fiat 500 in the Pop trim level will be less expensive at $11,929.
However, as the EPA’s fuel economy site points out, it will cost you $7,000 in average in fuel costs to drive the gas-powered Fiat for 5 years. The 500e has a 5-year energy cost of $2,500. It will take you only about 18 months to make up the difference. That’s probably worth it depending on how long you plan to keep the car.