Transcript:
Although electric vehicle prices are falling, the up-front cost is still typically higher than for a comparable gas-powered car.
But owning an EV comes with some significant financial advantages, which add up over the life of the vehicle.
For starters, the cost of charging an EV is typically far less than the cost of gas. According to a recent study by the nonprofit Coltura, the average EV driver in the U.S. saves more than $1,000 a year on fuel alone.
And the cost of charging is easier to predict and budget for.
Bowermaster: “The price of gas goes up and down. Electricity historically has fluctuated much less, increased much less. … It’s much easier to budget as far as your fuel costs or what some say is the energy wallet.”
That’s Dan Bowermaster with EPRI, a nonprofit institute that researches EVs and electrification. He says EV drivers also tend to save on maintenance costs because there are fewer moving parts that need to be repaired or replaced as the car ages.
Bowermaster: “Those big, kind of, later-in-life, you know, 50-, 60-, 80-, 100,000-mile maintenance pieces are substantially less.”
So when comparing cars, buyers may want to consider the lifetime costs, not just the up-front sticker price.
Reporting credit: Sarah Kennedy / ChavoBart Digital Media
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