New vs used EV: comparing five-year ownership costs

The sticker price is only the start of the comparison between buying new and buying used.

Depreciation works in your favor on used

EVs take their steepest depreciation hit in the first two years, same as most vehicles. Buying a 2-3 year old EV with a verified battery health report often means most of that depreciation has already happened — you get most of the car for a fraction of the price.

Warranty is the trade-off

Most manufacturers cover the battery for 8 years or a high mileage threshold, whichever comes first. A new EV keeps that full warranty runway; a used one has already burned through some of it, so check the remaining coverage before you buy.

Running costs are nearly identical

Electricity, tyres, and brake wear cost about the same whether the car is new or three years old. The real variable is the battery — if it is healthy, a used EV usually wins on total cost of ownership over five years.