Used SUVs = Lower Upfront Costs

If you need to stick to a budget and need to keep your upfront costs to a minimum, a traditional gas-powered used SUV is probably your best choice. A new EV will have a higher sticker price than something like a used Honda Pilot or Chevy Traverse.

Paying for Gas vs Paying for Electricity

Charging an EV is generally cheaper than filling a gas tank, especially if you do most of your charging at home. Public charging stations can be expensive, so if you do a lot of traveling, you’ll want to consider how much it will cost to recharge on the road and the time it takes to charge your battery as opposed to filling a tank.
The price of gas is always fluctuating, but it is usually more expensive than charging an electric car. Home charging is the most cost-effective way to keep your EV’s battery charged.

Insurance Costs – This is Where You’ll Save With a Gas-Powered SUV

Car insurance is a big factor to keep in mind when shopping for and buying a vehicle. A used SUV will be cheaper to insure than any new vehicle, but a new EV is even more expensive to insure because of the high cost of repairs.
EVs often require specially trained mechanics to perform major repairs because they are more complex in nature. On the other hand, a good old used Honda Pilot can be taken to your Honda dealership for repairs or to your trusted neighborhood mechanic when you need a quick oil change or tire rotation.

Depreciation, Depreciation, Depreciation

Have you ever bought a new car and had to buy extra insurance to cover the gap between how much you paid and how much it’s worth after you drive it off the dealership lot? New vehicles depreciate up to 20% in the first two years, and recent studies have shown that EVs have an even steeper decline than gasoline-powered vehicles in the first few years.
You can get ahead of this depreciation by buying a used SUV. Even a newer model used one will have already taken the biggest hit by the time you get it, so you can just enjoy your lower car payment and better value.

Rebates and Tax Incentives

There are pros and cons to buying a new EV and a used SUV. It all comes down to what you want and need. EVs, both new and used, are eligible for tax incentives and rebates to help with the initial cost, but used SUVs are cheaper to start with.

The post Electric vs. Used SUVs: Which One Gives You More for Your Money? first appeared on Ride4Watts.com.

The post Electric vs. Used SUVs: Which One Gives You More for Your Money? appeared first on Ride4Watts.com.