Up-front purchase price is only part of the cost consumers pay to own their vehicle. Over the lifetime of a conventional gas-powered vehicle, fuel and maintenance costs can add up to even more than the original purchase price. While electric vehicles (EVs) typically have higher upfront purchase prices, they can save consumers a lot on operating expenses. This study relies on new data on electric vehicle depreciation rates and maintenance and repair costs, along with real world average vehicle prices, to estimate how much today’s most popular EVs can save consumers when compared with similar ICE vehicles.

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