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Electric Cars Are Twice as Cheap to Owning A Gas Vehicle

To purchase an electric car can generally be more expensive than to buy a conventional vehicle. The world’s best-selling EV, the Nissan Leaf, is about $30,000 in the U.S., excluding the federal tax credit for new EVs, worth $7,500. Generally speaking electric cars are twice as cheap to owning a gas vehicle.

Over 2 times lower to run

Electric vehicles (or EV’s) in many cases are dramatically cheaper to run, on average 2.3 times lower than gasoline vehicles. Numbers can vary a lot state to state depending on electricity costs.

The University of Michigan’s Transportation Research Institute prepared this analysis. Figures are based on average electricity and gasoline prices in all 50 states at the end of 2017. In addition, the average fuel economy and electricity consumption of conventional and electric vehicles is taken into consideration and assumes an average annual driving distance of 11,500 miles.

Who pays the most for gasoline?

Hawaiian citizens pay the most for gasoline ($1,509 a year), followed by Alaska ($1,434), California ($1,407), Washington ($1,338), and Oregon ($1,274). Those motorists living in Mississippi, Arkansas, Alabama, Texas, and South Carolina pay the least for gasoline at approximately $1,000 a year.

The average fuel economy rate that conventional vehicles would need to reach to match EVs in each state was also calculated.

In the states of Washington and Oregon, a car fuelled with gasoline would need to go as high as 90 MPG and 77 MPG to make up the cost difference. Generally speaking, miles per gallon would need to be higher than 50 in 39 states. New cars must exceed 45 MPG under federal CAFE rules; the current national average for all cars, new and old, is about 25 MPG.

Other considerations

Price is not the only consideration when considering switching to electric. Driving experience and vehicle range are often cited as barriers. Battery prices are falling all the time though, and generally speaking, range anxiety is often more imaginary than justified. Many car manufacturers are announcing big electric car plans, so such worries may soon be a thing of the past.

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