We used the Volkswagen ID.4 Pro as our sample electric vehicle. Next, we examine average annual residential charging costs, which take into account each state’s electricity costs. *Gas prices from AAA, average annual mileage from the Federal Highway Administration How do electricity costs compare to gasoline costs? Here is a comparison by state.įirst, we look at annual fuel costs for drivers of gas-powered vehicles in each state, which take into account the state’s residents’ average annual driving mileage, MPG, and fuel prices. Instead, electric cars are powered by electricity and require home and/or public charging. Electricity CostsĪlong with being zero-emission vehicles, another allure of an electric vehicle is never having to fill up at a gas station. On top of the federal tax credit, many states offer their own tax incentives, typically in the $500 to $2,500 range, to further lower the purchase price of EVs.Įlectric Cars Vs. This credit will now be available through 2032, regardless of how many electric vehicles an automaker has sold. For example, the Inflation Reduction Act of 2022 has widened the eligibility for the federal tax credit, which (starting January 1st, 2023) applies to automakers that had previously sold more than 200,000 units and were eligible for the credit. However, there are federal and state EV tax credits that can defray these higher upfront costs for electric cars. gasoline cars, the average new electric car costs over $11,000 more than a traditional gasoline car.
When comparing the upfront costs of electric cars vs. Gasoline Cars: Upfront Costs for New Cars
So does it pay to drive an electric vehicle? Let’s take a closer look at the numbers.Įlectric Cars Vs. And as most automakers have announced plans to fully electrify their vehicle lineups as early as 2025, many consumers are curious about the cost of electric vehicles compared to their internal combustion engine counterparts. ( iSeeCars) - While electric cars are a polarizing topic, there’s no denying that electric vehicles are the future of transportation.
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