Transcript:
Despite the decline in electric vehicle prices, upfront costs are usually higher than comparable gasoline vehicles.
But having an electric vehicle has some important financial advantages, which add up over the service life of the vehicle.
For beginners, charging an electric car is usually much less than the gas cost. According to a recent study by nonprofit Coltura, the average electric vehicle driver in the United States saves only more than $1,000 in fuel.
Charging costs are easier to predict and budget.
Bowermaster: “The price of gasoline is up and down. Historically, the fluctuations in electricity have fluctuated much smaller, increasing far lower. … In terms of fuel costs, it's much easier to budget, or what some people are talking about energy wallets.”
That's Dan Bowermaster, with EPRI, a nonprofit research institute that studies EV and electrification. EV drivers also tend to save on maintenance costs because as the car ages, fewer moving parts need to be repaired or replaced.
Bowermaster: “Those big, a little long life, you know, 50-, 60-, 80-80 miles of maintenance pieces are greatly reduced.”
So when comparing cars, buyers may want to consider the cost of a lifetime, not just the price of the upfront label.
Report Credit: Sarah Kennedy/Chavobart Digital Media
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