The higher purchase price of an EV is sometimes cited as a reason why more people don’t switch to electric power. But a new study found that an EV’s lower running costs easily offset that initial hit in 48 out of 50 US states in the long term. And in some cases drivers could save themselves more than $10k.
The data comes from a JD Power investigation that looked at the total cost of EV ownership over a five-year timeframe and compared it with the costs of a traditional combustion-powered car. In only two out of 50 states does it make more financial sense to go for an ICE vehicle. Buying and running an EV in West Virginia could cost you $1,800 over five years, JD Power says, while Maine EV drivers would be $1,619 out of pocket.
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