Here's whether it's actually cheaper to switch to an electric vehicle or not—and how the costs break down. (via CNBCMakeIt)
And since EVs have fewer parts than gas-fueled cars , they tend to have lower maintenance costs as well. A recent report by the analytics firm We Predict reveals that after 36 months on the road, service costsSo which is cheaper overall?shows that after 15 years, electric cars generally cost less than similar gas-only models, when you factor in the price, maintenance, financing, repairs, the federal tax break and fuel costs. The electric version of a small SUV costs $0.4508 per mile, $0.
While EVs are generally cheaper than their gas counterparts in the long run, newer EVs with a battery range above 300 miles can end up costing more. Electric that cover 300 miles with one battery charge have a per mile cost four cents higher than similar gas models, although that's mostly because they're newer, cutting-edge electric vehicles that are sold at luxury car prices.One of the biggest knocks against EVs is that charging the car's battery isn't convenient if you don't have access to commercial charging stations or at least a Level 2 charger at home.