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EVs Are Cheaper to Own Than Gas Cars in All But 2 States, Study Finds

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A new study by J.D. Power found that, in 48 of the 50 states in America, an electric vehicle saves money over a gas vehicle over 5 years of ownership.

There's no denying that upfront costs for an electric vehicle are higher than the average new ride sold in the United States. With an average transaction price of $57,584 in the first quarter of this year, your average EV transaction costs around $13,000 more than a typical gasoline-powered purchase, according to J.D. Power. But a new study from the consumer rankings group says that most EV owners are ultimately saving some cash by going electric.

'A lot of everyday shoppers view their financials through that traditional car deal lens where they're really just looking at that up-front transaction price,' said Stewart Stropp, executive director of J.D. Power's EV practice in an interview with Automotive News. Even so, the region you live in will dictate just how much money you can save.

 

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