EVs Cheaper Over Vehicle Lifetime in Some States

May 31, 2022

Models like the F-150 Lightning compared to its gas-powered equivalent are cheaper overall for buyers when considering maintenance and insurance costs, a study shows.

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 the 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 by 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.

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Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

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