Abstract:New car sales is the primary metric for measuring electric vehicle (EV) adoption growth. However, to enable mass market penetration, EV adoption in the used car market will play a crucial role. The used vehicle market is relatively under-studied or studied for a specific study area. By analyzing consumer expenditure survey data, we aim to understand the new versus used vehicle choice behavior and the consequent cost of vehicle ownership on a national scale. Applying discrete choice modeling, we find the factors influencing purchase behavior for used and new cars or larger vehicles, as well as the characteristics of vehicle buyers. Using these characteristics, the vehicle ownership cost is estimated to provide insights regarding EV affordability and the potential of the used EV market in the future. The results can help understand the characteristics of used vehicle owners and design policies to address equity concerns regarding the transition to EVs.