A new AAA study has found that over 5 years of driving, the annual cost of driving a new electric vehicle (EV) is just $600 more than a similar gasoline vehicle.
While 40 million Americans have shown interest in buying an EV for their next car, most haven’t switched. Potential EV owners commonly cite range anxiety and lack of charging stations as their biggest stumbling blocks, but the misperception that EVs are much more expensive than comparable gas-powered vehicles is also a factor.
AAA research found the overall cost of owning an EV is 8% higher, with greater initial purchase costs partially balanced out by lower long-term fuel and maintenance expenses. Since previous AAA research found that two-thirds of Americans who say they’re likely to buy an electric vehicle would pay up to $4,000 more for one, cost may not be the obstacle it once was.