Consider trying to negotiate it into your next lease. And why would you spend your own money upgrading property you don’t own? On the other hand, if your lease includes utilities, that’s basically free charging (if it’s allowed). Your landlord may not be willing to spend that money. If you don’t own your own home, that may pose a problem. We’re talking about waiting days for a full battery, as opposed to mere hours. Many EVs can be plugged into a normal household outlet, but your charging rate will be woefully slow. Installing a charging station in your driveway or garage comes with a hefty one-time cost - up to $2,300, in some cases. For starters, plenty of EV purchases require you to have your own charging equipment. There are a few other things to consider, though. The growth of wind and solar power, for example, should see electricity costs continue to drop. This happens as renewable energy costs keep falling. Additionally, the price of electricity historically drops over time. Compare that to $40 to fill the average gas tank. Broken down even further, it only costs $6.86 to fully recharge your average EV battery. On the other hand, it only costs an average of $485 annually to keep your electric car charged. If you decide to stick with a non-EV, here are some handy tips on how to save money on gas. And that’s assuming there are no dramatic spikes in gas prices in the coming years. However, taking all different models into consideration, the average American driver pays $1,117 per year in fuel costs. For example, a smaller sedan won’t guzzle gas like a larger SUV. Depending on what you drive, your fuel costs will vary a lot. Are electric cars really cheaper? How much will it cost to charge one? Are there enough charging stations? Will you need to install your own at-home charging equipment? We have the answers. However, it’s already possible to buy a Nissan Leaf, Kia Soul, or Chevy Bolt for less than $35,000.įor most people, these are the biggest questions they have concerning gas vehicles versus electric cars. In fact, Tesla currently owns 79% of the EV market share! No wonder the average price is so high. That being said, that $55,000 average price is driven up by some of the higher-end EVs, like the Tesla Model S or Porsche Taycan. If you have to buy a car out of state, for whatever reason, your costs could go up even higher. Although EVs continue to get cheaper every year, on average, they still demand a larger financial commitment than gas-powered cars. While you can start recouping that extra money with things like tax credits and gas savings, it’s going to take a few years to make up a potential $20,000 difference. That’s considerably higher than the average four-door sedan, which runs about $35,000, according to Kelly Blue Book. The average price for a brand new EV is roughly $55,000. Like any other emerging technology, they certainly aren’t cheap. Although electric vehicles have already existed for more than a decade, they remain a niche product. Here’s how everything breaks down.Įarly adopters always pay the price. Oh, and of course we had to weigh the costs of filling up the tank at the gas pump versus charging your EV - either at home or at public charging stations. And then there are factors like auto insurance, general maintenance, and resale value to consider. Then again, regular gas-powered cars don’t come with any tax credits. Most EVs still have higher-than-average starting prices, discouraging plenty of cost-conscious buyers. Until that day comes, though, the debate between electric car vs gas costs rages on: which one will save you the most money overall?Īs we dug into answering the question, we quickly discovered that it wasn’t easy. Within 20 years, it will probably be next to impossible to actually buy a brand new car that still runs on plain ol’ gasoline. Almost every major automaker has already invested billions of dollars into expanding their electric vehicle lineups. In fact, Morgan Stanley predicts that 72% of all car sales will be electric by the year 2040. There’s no doubt that the future of driving is electric.
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