Cost Considerations When Choosing Between Gasoline-Powered and Electric Vehicles
As electric vehicle prices continue to rise, consumers are faced with the dilemma of whether opting for an electric vehicle will result in overall savings compared to gasoline-powered vehicles. Keith Barry, a Consumer Reports writer focusing on the auto industry, aptly compares this comparison to “comparing oranges to 20 different varieties of apples.”
Factors Affecting Cost
When considering the cost implications, several factors come into play, including the price tags of new and used electric vehicles, electricity rates in your state, and the charging infrastructure available to you. While the price of electric vehicles is on a downward trend, it still remains higher on average than gasoline-powered vehicles, which could deter some prospective buyers.
Potential Savings with Electric Vehicles
A recent report by Coltura highlights the potential for significant savings with electric vehicles in terms of maintenance and fuel costs. According to Ron Barzilay, a data and policy associate at Coltura, the comparison between gasoline-powered sedans and electric vehicles consistently shows that electric vehicles are the more cost-effective option.
Coltura’s research indicates that electric vehicle drivers can save an average of $100 per month in fuel and maintenance costs. Furthermore, “power users” consuming over 100 gallons of gasoline per month could save up to $400 per month by making the switch to electric vehicles.
Cost Comparison: New vs. Used Electric Cars
While new electric cars may still come with a higher price tag compared to their gasoline counterparts, the used market offers more affordable options. Reports suggest that used electric vehicles priced under $30,000 make up a significant portion of the inventory, presenting a budget-friendly alternative for consumers.
Barry notes that as the prices of new electric vehicles decrease, the prices of used electric vehicles are likely to follow suit, providing even more cost-effective options in the market.
