Electric Vehicles: Total Cost of Ownership Tool. An interactive calculator where users can compare the costs of owning and operating fossil fuel and electrified vehicles and the effect that changing different variables has on the result Contact online >>
Electric Vehicles: Total Cost of Ownership Tool. An interactive calculator where users can compare the costs of owning and operating fossil fuel and electrified vehicles and the effect that changing different variables has on the result
The average cost of a new electric car is 10% higher than the price of a gas-powered vehicle—which costs an average of $48,451. But fuel costs can add up to significant savings for EV drivers over time.
In this section, we use historic sales and price data for electric and ICE models around the world to examine the total cost of owning an electric car, price trends over time, and the remaining electric premium, by country and vehicle size.7 Specific models are used for illustration. Total cost of ownership
Many electric vehicles are available with generous federal, state, local and utility incentives that can dramatically lower the price you pay. The biggest one is the Federal Electric Car...
With electric vehicle pricestumbling in recent months, consumers are facing new considerations about whether EVs could provide overall savings when compared with gas-powered cars. The answer, experts say, may not always be clear cut.
"What I like to say is that comparing gas to EV is like comparing oranges to 20 different breeds of apples," said Keith Barry, a writer for Consumer Reports who focuses on the car industry.
There are several factors to consider when it comes to cost, including the price tag of new and used EVs, electricity costs in your state and how and where you plan to charge your car. Even though EV prices are coming down, they still remain higher on average than gas-powered vehicles, which can be an immediate turnoff for some buyers.
At the same time, EVs can deliver lower maintenance and fuel costs, putting more money back into owners'' pockets, according to a report released Wednesday by nonprofit Coltura.
"Comparing a gas sedan to an EV, the differential we found is always positive, as in an EV is always cheaper," said Ron Barzilay, a data and policy associate at Coltura.
Coltura''s findings show that the average EV driver saves $100 a month in fuel and maintenance costs, and that "superusers," or drivers who guzzle up to more than 100 gallons of gas a month, would save an average of $400 a month by switching to an EV.
The price tag on new electric vehicles is still higher than gas-powered vehicles. Kelley Blue Bookestimatesthat prices on new EVs dropped from $65,000 in May 2022 to $56,648 in May 2024, a 15% decline. But the average transaction price for gas-powered cars in July was still cheaper at $48,401,accordingto Kelley Blue Book.
The real place for finding a deal on an EV is in the used market. According to a report from Recurrent, used EVs under $30,000 now make up 60% of the inventory. As of May 2024, the average price for a used EV was $28,767, per an iSeeCars study.
A new analysis from Coltura found that the average American driver – who drives about 11,000 miles a year – saves 8.1 cents per mile on fuel by driving an EV. That, plus 3 cents per mile savings on maintenance, amounts to over $1,200 a year in savings.
That''s partly because electricity prices are cheaper and more predictable than the more volatile gas market, said Matthew Metz, founder and co-executive director of Coltura. Coltura plans to update the index quarterly.
A 2023 Consumer Reports study found that electric vehicles have 80% more problemsand are less reliable than their gas-powered equivalents. As the new kids on the block, they are still working out certain technology kinks, experts say.
But while the reliability rating of EVs may be lower than gas-powered cars due to unexpected problems that can arise, everyday wear and tear costs tend to be lower. For instance, there''s no need for oil changes or tune ups, and EVs have a more streamlined system under the hood.
"You don''t have all of the parts that are in a gas-powered car that can go wrong," said Barry. "So when an EV works as it''s supposed to, it''s going to be cheaper in terms of maintenance."
Chances are if you''re in New England, you won''t be paying what your friend out on the West Coast is paying. That''s because electricity costs and energy costs vary widely based on region.
The government is offering consumers a federal tax credit of up to $7,500 for new EVs and up to $4,000 for used EVs. There are some strings attached, though, such as meetingcertain income and eligibility requirements.
Local, state, and utility incentives are also available for those looking to subsidize their car cost, Barry said. You can search deals in your state on the Department of Energy''s Alternative Fuels Data Center website.
According to HomeAdvisor, the cost can range anywhere from $550 and $1,385. Level 1 chargers are on the cheaper end, with average prices between $300-$600, while Level 2 chargers, which charge EVs faster, can cost between $700-$2,000, including labor costs.
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