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Tom’s Guide
Tom’s Guide
Technology
Tom Pritchard

I've had a used EV for 5 years with no regrets — and a new study shows they're the most cost-effective car to own period

An all electric Tesla Model 3 in white on cement road with trees in background on sunny day.

The biggest problem with the best electric cars is that they are quite expensive when you buy them new. A lot of non-electric cars are, too, but the amount of tech car makers stuff into their EVs means the price tag does creep up. Especially if you're looking for something with a big battery and long range.

There are some alternatives here. The first is to get your car on a lease, though that only swaps out the large payment for a fixed-term monthly fee — which is hardly a good cost-saver in the long term. The other option is to pick up a used model, either a former lease or a car someone decided they didn't need anymore. This is where the savings lie, and according to a new report, it's actually the cheapest kind of car you can own.

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