Electric cars and trucks can cost thousands of dollars less to own than the most popular gasoline vehicles in the United States, according to our fact sheet. The analysis compared the costs of owning the most popular gasoline vehicles sold in the United States in 2023 with electric vehicle alternatives. We focused on five vehicle types: compact sedans, sedans, compact SUVs, mid-size SUVs, and pickups.

We found that in every case, the total cost of owning an electric vehicle is lower than the gasoline-powered alternative.

Compared to our 2022 analysis, our 2024 total cost of ownership analysis included updated vehicle purchase prices and models, maintenance costs from a 2021 Argonne National Lab study, electricity and gasoline prices for 2023, and an updated depreciation method for battery electric vehicles.

This fact sheet was supported by the Natural Resources Defense Council

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More About this Resource

Date: March 1, 2024

Type: Fact Sheet

Tags: Costs

Countries: United States

States: None