Most electric cars are cheaper to own from day one – report

Electric cars aren’t just cheaper over the long term but have cheaper total monthly cost from day one for most buyers in the United States, according to a new report from Energy Innovation…

This analysis expands on the total cost of ownership calculation – rather than looking at the entire average 12-year period of car ownership, it looks at monthly costs over the length of a six-year financing term. Since 85% of cars in the United States are financed at purchase, this is a more realistic way to view costs than by looking at the sticker price.

Energy Innovation’s analysis looks at EV vs. gas vehicle costs in every state and includes financing costs, fuel (based on average fuel costs as of May 4 and average electricity costs), maintenance, insurance, EV incentives, and even dumb EV fees that some states have implemented.