WASHINGTON (TNND) — The debate over whether electric vehicles are more cost-effective than traditional gas-powered cars continues as EV prices drop and gas prices remain unpredictable.
According to the Natural Resources Defense Council (NRDC) and data from Cox Automotive, EV prices have fallen by about $14,000 in the past year, making them only about $2,800 more expensive upfront than new gas cars. However, the availability of charging infrastructure can significantly impact cost savings.
Coast Pay reports that there are 104 gas pumps per 1,000 road miles compared to just 22 EV charging ports in the U.S. This disparity means that in areas with limited charging options or heavy reliance on fast chargers, the cost benefits of EVs may diminish.
Despite the higher initial cost, EVs offer long-term savings, particularly in fuel and maintenance. A New York Times analysis found that driving 100 miles in a typical gas car costs about $13, while charging an EV at home costs just $5 on average, resulting in more than 60% savings per “fill up.” Additionally, EVs require less maintenance, with the NRDC reporting that EV maintenance is about 40% cheaper per mile compared to gas vehicles.
Government incentives for EVs are phasing out, but the NRDC-backed Atlas Public Policy study indicates that EVs remain cheaper in four out of five vehicle categories over time, excluding pickup trucks, where gas models are still more affordable.
Fueling costs favor EVs, especially in states with cheap electricity and high gas prices like Washington and Oregon. However, in states with expensive electricity, such as California and Connecticut, the cost advantage may shift towards gas vehicles, particularly if relying on public fast chargers.
Ultimately, EVs are generally cheaper to drive over time, but actual savings depend on factors such as location, vehicle type, charging options, and local electricity versus gas prices. As EV technology and affordability improve, potential buyers should evaluate their personal circumstances before making the switch.
