Are Electric Cars Really Cheaper To Own And Drive Than Gas Cars?

have grown more affordable throughout 2023, and many have found them even cheaper than driving gas cars over their lifespan. From reduced lifetime maintenance costs and savings on charging, can EVs really be cheaper than owning and driving gas cars?EVs are typically going to come out cheaper than gas vehicles after years of being driven, but the question depends on a handful of factors.

Consumer Reports auto editor Keith Barry recently pointed to EVs as being generally cheaper, though he also notes that isn’t always the case. Access to federal, state, and local incentives on EVs may also cut the sticker price on EVs, though these are highly dependent on your region and the type of car you’re looking to buy.

Unfortunately, those looking within the three-row SUV segment will find fewer options on the market, as the scope of EVs is still emerging. Compact economy-level electric SUVs can be found around the $30,000 mark from some brands , though it’s debatable at this level whether year over year cost savings will amount to as much as in the luxury or pickup segments.

Still, an analysis from Energy Innovation Policy and Technology this year shows that it’s cheaper to charge an EV than fill up a gas car in all 50 states, and it adds that most new EVs will ultimately be cheaper than gas cars in the course of their lifespans. Adding in other potential savings through programs like leasing, Barry says, may also result in increased savings in the years ahead.

Source: Car News Wire (carnewswire.net)

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