Electric vehicles are gaining ground, and a recent study by Vincentric, a company that analyzes car ownership costs, found that nearly half (49%) of 2024 electric models are cheaper to own over five years compared to similar gas-powered cars.
This analysis considers factors like depreciation, fuel costs, maintenance, and even lost investment opportunities. Vincentric looked at 41 electric vehicles and found 20 to be more economical choices than their gasoline counterparts.
While this is a slight decrease from 2023 (where 52% of EVs were cheaper to own), it still shows a significant trend towards electric vehicles becoming more cost-effective in the long run.
Notably, eight of these EVs were already cheaper to buy upfront than their gasoline counterparts. This suggests that electric vehicles are becoming not just environmentally friendly choices but financially sound ones as well.
So while upfront costs might be a hurdle for some EVs now, falling battery prices and potential savings on fuel and maintenance over time make them a compelling option, especially for larger vehicle types.
