EVs Cheaper Over Vehicle Lifetime in Some States
May 31, 2022—EVs are cheaper vehicles to own overall in some states, according to a study from Energy Innovation: Policy and Technology.
According to an article from Kelley Blue Book, the study gives the example of an electric Ford F-150 Lightning compared to a gas powered F-150. The study compared state taxes and fees, financing costs, state and federal rebates, fuel and maintenance costs, tax credits and insurance costs.
The results showed that that F-150 Lightning and the Hyundai Kona EV are cheaper than their gas equivalents in every state. Models such as the Volvo XC40 Recharge are cheaper in about half of states.
As a result, the study found that car buyers could save an average of about $6,000 on the life of their car, just for choosing battery-powered models.
It is worth noting, though, that these findings are contingent on a federal $7,500 tax rebate which isn't available on every electric car.