Data: Office of Energy Efficiency & Renewable Energy; Chart: Rahul Mukherjee/Axios. Note: Includes savings from all-electric vehicles. Plug-in hybrids are not included.University of Michigan researchers recently explored lots of variables in 14 cities to see whether EVs are cheaper over the car's lifetime. Their takeaway? It depends.
Lower-range EVs generally beat gas cars, even without incentives, while longer range models are roughly comparable, theirFor a midsize electric SUV with 300 miles of range, lifetime ownership cost varies by $52,000 — around 40% — depending on where the driver lives.Benefitting from those fuel savings means clawing back the higher up front costs over time.
The price gap has generally diminished, and should fall further as automakers plan more mass-market products.How quickly cheaper EVs arrive, and how many of them meet the criteria for $7,500 purchase subsidies under the 2022 climate law.Share on linkedin
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