As gas prices reach new highs, a growing number of Americans have shown interest in owning electric vehicles. The big question many have is whether EVs can save them money.
Although, it is important to “consider the total ownership cost,” said Carla Bailo, CEO of the Center for Automotive Research, according to NBC News.
Here is a list of factors that could affect your spending:
Purchasing price: The initial cost of an electric car is estimated to be $19,000 higher compared to a gas-guzzling car, according to th Natural Resources Defense Council . For instance, this week, Tesla announced it would raise its price for all models. The least expensive car, the Model 3, now costs $47,000.
Bloomberg NEF predicted that EVs will be cheaper than gasoline cars within the next five years and without subsidies.
Additionally, these costs can be offset by federal tax credits and state and utility incentives.
Vehicle type: The bigger the car, the more energy it takes to charge it. The same can be said for gas models.
Chargers: For home, depending on the type of charger, buyers can expect to spend from $1,000 to 50,000, including labor costs for installation, according to estimates by Carvana. If the charger requires home updates, it will cost you more.
Public chargers can cost twice as much for high-speed charging compared to charging at home. According to NBC News, most public chargers can take up to an hour for 10 to 15 miles worth of range. Some EV chargers can add a 200 mile range in 20 minutes.
To charge a bigger car, the cost may come out to be between $22.50 to $45, and for a smaller car, between $11.50 to $23.
Maintenance: EVs don’t need tuneups, oil changes and other routine checks. If maintained per recommendations, EVs can cost $330 less than a gas-powered car, totaling an average of $949 annually, according to AAA.
Insurance: On average, the cost to get an EV insured is about 23% more expensive than a gas-powered car. Insurance premiums are higher because the cost of the vehicles is higher, according to Value Penguin. Another factor is the repair cost of the batteries, sensors and other technology packed into the car.