Electricity prices vary depending on whether you charge at home or whether you charge at public charging stations. Electricity is produced from burning gas or coal, or from renewable sources such as hydropower, wind, or solar. The electricity that powers EVs can come from a variety of sources. Fuel-efficient vehicles travel more miles per gallon, meaning they need to be filled up less often and cost you less per mile. If a standard gasoline car holds about 14 gallons on average, that means it costs just under $60 to fill up. While the price of gas varies over time and location, the national average for a gallon of regular gas was $4.19 in August 2022. Electric vehicles' efficiency is measured in MPGe, or miles per gallon equivalent. The concept of MPG, or miles per gallon, measures the fuel efficiency of gasoline vehicles. The most obvious difference between electric vehicles and gas-powered or internal-combustion-engine (ICE) vehicles is that EVs require electricity, and gas cars run on gasoline.
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There are also state and local incentives.Ĭar and Driver Cost to Charge Electric Cars vs. An electric vehicle tax credit, including up to $7500 that can be claimed on your federal tax return, may also help you save on your purchase.
However, as electric vehicles become more mainstream, the upfront cost difference is declining and there are far more affordable options to choose from. For instance, the electric 2023 Volkswagen ID.4 starts at $38,790 while the similarly sized, gasoline-powered Volkswagen Tiguan starts at $27,785. There are several factors you'll need to think about, including the cost of fuel and maintenance, as well as the overall purchase price of the vehicle itself.Įlectric cars tend to be more expensive to buy upfront. The difference in cost between owning and operating an electric car compared with a gasoline car is one of the most important considerations. Many vehicles sold today offer both hybrid and nonhybrid models.Ĭosts of Conventional Cars vs. Hybrid Electric Vehicles (HEVs) cannot be plugged in and instead use the gasoline engine to recharge the battery pack. The difference between a hybrid and a plug-in-hybrid electric vehicle (PHEV) is right in the name: a PHEV's battery can be charged by plugging in and is typically much larger than a hybrid's battery pack, which means it can provide meaningful electric-only range (typically 10 to 50 miles). Hybrid vehicles also use electric motors, but in combination with gasoline engines to power the car. Think of the battery pack as the gas tank and the electric motor as the engine. They use a large battery pack that supplies energy to an electric motor (or multiple motors) to power the vehicle.
When people refer to electric vehicles, they're typically talking about Battery-Electric Vehicles (BEVs). If you're considering joining this trend and purchasing an electric vehicle, you should understand how EVs differ from the internal-combustion vehicles we're used to, both in terms of cost and the ownership experience. They still only make up 4.6 percent of the overall new-car market, but that number will likely continue to climb in the coming years. have also risen, with an uptick of 60 percent in EV registrations in the U.S. Many countries around the world, and some states in the U.S., have announced plans to ban sales of new gasoline vehicles within the next decade or so.
Electric cars have existed for a long time, but they're growing rapidly in influence and popularity these days.
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