New research finds that in most states, new electric vehicles (EVs) are cheaper to own than gasoline-powered vehicles on a monthly basis from the day they are driven off the lot, even if the sticker price is higher. Many studies have shown EVs are cheaper to operate with a lower total cost of ownership than gasoline-powered vehicles over the vehicle’s lifetime, but this research examines monthly costs of owning and financing an EV compared to a gasoline car, since 85 percent of Americans finance their cars. These savings are contingent on extending the existing federal EV tax credit; if EV incentives currently proposed in Congress are included then EVs become cheaper in nearly every instance, opening up ownership for all Americans looking to purchase a new car.

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