Electric vehicles are becoming more economically competitive with their gas-fueled counterparts and people are feeling less “range anxiety” about how far they can get on a charge, according to new research by AAA.

Owning a compact electric vehicle over five years and 75,000 miles will cost a person only slightly more — an average of $600 annually — than a gas-powered vehicle, according to the report released Wednesday. That’s the case despite higher sticker prices and depreciation rates because of electric vehicles’ lower fuel and maintenance costs, the report said.

The study also showed that concerns about running out of power on a trip ease significantly once a person buys an electric car.
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