Lower annual cost of ownership saves EV drivers money

While EVs have higher up-front costs, they require less maintenance and are cheaper to "fill up" than gas-powered vehicles. In just the next five years, the annual savings of driving an EV instead of a gas car are expected to reach over $1,600 as the gap between the up-front prices narrows.

These results are for passenger vehicles. We assume a vehicle drives 11,026 miles per year in 2023. This value grows in line with FHWA projections.
Our model calculates the total cost of ownership calculation from a number of factors. We include annualized cost of the vehicle purchase price, maintenance spending, fuel costs, and insurance coverage. Vehicle purchase price includes relevant incentives.
Source: RMI analysis, FHWA