In general, electric vehicles (EVs) are becoming increasingly cost-competitive with conventional gasoline vehicles.
It’s worth noting that there are some factors that can make EVs more expensive to own, such as the higher upfront cost of purchasing an EV compared to a gasoline vehicle and the cost of installing a home charging station.
In general, however, electric vehicles can be cheaper to own than traditional gasoline-powered vehicles over the long term, though this may depend on various factors.
As technology improves and EV production scales up, however, we can expect the cost of EVs to continue to decrease over time.
Here are some of the electric vehicle vs. gasoline car cost factors to consider.
Fuel cost
EVs are powered by electricity, which is typically less expensive per mile driven than gasoline or diesel fuel.
Depending on the cost of electricity in your area and the efficiency of your EV, you may be able to save a lot of money on fuel costs.
In addition, you can choose to charge your car at cheaper, off-peak times, say, at night, and the price of electricity is usually stable over long periods.
Gasoline costs the same 24 hours a day and can fluctuate from month to month.
Maintenance cost
EVs have far fewer moving parts than gasoline vehicles, which means there are fewer things that can break down and need repair.
In addition, EVs don’t require oil changes, spark plug replacements, or other routine maintenance tasks that are required for gasoline vehicles.
This leads to lower maintenance costs over the lifetime of the vehicle and longer vehicle life overall.
Tax incentives
The federal government offers tax incentives for purchasing EVs, which can help offset the higher upfront cost of these vehicles.
In some cases, these incentives can be quite substantial and can make EVs affordable for many people.
Resale value
Because EVs are still relatively new to the market, it’s difficult to predict their long-term resale value.
However, some experts predict that EVs may hold their value better than gasoline vehicles, particularly as demand for these vehicles continues to grow.
Is an EV right for you? If you drive the same distances most days, have access to relatively inexpensive electricity, and don’t mind shopping around to find the best deal, perhaps so.
