What costs less to operate, an EV or gasoline car?

What costs less to operate, an EV or gasoline car? Consumers worry about the high price of electric vehicles, but it turns out EVs cost less to own than similar gasoline-powered cars over five years in nearly every region of the U.S. Despite high sticker prices, EVs had a cost advantage over gasoline counterparts in every state but Maine and West Virginia, automotive research firm J.D. Power found in a detailed analysis conducted in the first quarter for Automotive News. Untangling the cost of owning a car is a complicated but essential exercise for buyers considering an EV over a gasoline-powered vehicle. J.D. Power analyzed many factors, including transaction prices, taxes, regional gasoline prices and electricity rates, and zero-emission vehicle incentives. The data suggests that long-term cost outweighs EV sticker shock for comparable vehicles. Still, up-front prices for EVs are significantly higher than for gasoline-powered vehicles. EVs carried an average transaction price of $57,584 in the first quarter, excluding the federal tax credit. That was about $13,000 more than the average transaction price of an internal combustion engine vehicle, according to J.D. Power. Intimidating EV sticker prices stand in the way of faster adoption — EVs still made up just 7 percent of first-quarter new-vehicle sales. Zeroing in on EV costs by state presents a different financial picture. An EV purchase can save buyers more than $9,000 over five years in some places. — Hannah Lutz Read the full story here. What you need to know

What costs less to operate, an EV or gasoline car?

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