The study analyzed nine types of vehicles, and while EVs may have a higher-than-average purchase price, they were the second cheapest over the cost of five years of ownership
EVs have massive savings over gas-powered vehicles in fuel. At about 4 cents per mile, EVs save nearly 80% on fuel compared to the average internal combustion engine car.
EVs also have the lowest maintenance costs, though the savings are not quite as drastic. With relatively simple powertrains, EVs don’t require as much regular upkeep for services like oil changes and air filter replacements.
EVs have the highest rate of depreciation by a large margin, due to their high purchase price, relative lack of popularity among used car buyers and high battery replacement cost. Their high purchase prices also lead to relatively high insurance and finance costs, but they have the lowest rate of taxes and fees thanks to federal and state incentives.
AAA’s Recommendation: Whether you own an electric vehicle or a gas-powered car is up to you – and you should consider lots of factors in making that choice. No matter what type of vehicle you’re choosing, we recommend visiting a dealership, test driving one, and asking as many questions as possible to make an informed decision.
