Owning EVs is Cheaper than Gas Cars well it’s been said for a long time, but now according to studies, the situation is better. Many say electric cars have higher upfront costs than their gas counterparts in the long run as you can save on fuel costs and maintenance, and it has been proven true too.
How EV ownership is Cheap?
According to new studies, it is now actually cheaper to own an EV rather than a gas car starting from the first monthly payment. In the recent study by Electrek, Energy Innovation’s analysis of the cost of gas vehicles versus electric vehicles in every US State. The study was made from the factors like car financing costs (monthly car payment), fuel, maintenance, insurance, and other fees, and even includes EV tax credits and incentives.
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This study goes beyond the 12-month cost of ownership or long-term cost of ownership model, breaking down the total monthly costs over a six-year financing term to determine how much it costs per month to own an EV compared to a comparable gas car. And for a fair case, the cars chosen are the models that are available with both gas and electric powertrains.
Also, there’s no guarantee that the Tax Credit Benefit will keep on going as EVs are no longer eligible for the credit, and many owners are simply unable to take advantage of the credit in the first place but the $7,500 federal EV tax credit makes a big difference.
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Models Used for Study
According to Electrek,
- Ford F-150 XL vs. Ford F-150 Lightning Pro
- Hyundai Kona SEL vs. Hyundai Kona Electric SEL
- Kia Niro EX Premium vs. Kia Niro EV EX Premium
- Nissan Versa S Xtronic CVT vs. Nissan Leaf
- Volvo XC40 Inscription vs. Volvo XC40 Recharge Plus
Apart from the leaf, the competing cars are the same car with a different powertrain. Also, all these cars have different versions and also have different standard feature sets, hence they’re not the same. All the EVs in the list are eligible for the $7,500 tax credit and were factored into the results.
After comparing the costs of these, the results are quite surprising, EVs were cheaper on a month-to-month basis. Moreover, all the electric vehicles were found to be cheaper than their gas-powered counterparts in their total cost of ownership.
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