Not that the $7,500 discount on electric vehicles is officially gone, he question remains: is it cheaper to skip out on an electric vehicle in favor of a gas car? We made it our mission to find out.
The total cost of ownership (TCO) is the only math that matters when buying a vehicle. That TCO includes everything from maintenance and depreciation to fuel costs-and it's where EVs still pull ahead.
According to auto experts, when you take the full picture into account, electric vehicles are usually the cheaper option in the long run. We did the calculations to show you exactly how the costs break down so you can make a smart comparison before your next big purchase.
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Comparing the upfront costs of an EV, hybrid and gasoline car
The sticker price is what most people think about when they compare the prices of different cars. From that perspective, the disappearance of the $7,500 federal EV tax credit puts EVs at a significant disadvantage on upfront costs when compared to gasoline or passive-hybrid cars.
When it comes to upfront costs, we've mapped out the winner, loser and runner-up.
Winner 🏆 Internal combustion engine vehicles Traditional gasoline cars usually have the lowest sticker price compared to their electrified counterparts. These types of vehicles have long-established supply chains and economies of scale that make them cheaper to manufacture, according to Antuan Goodwin, CNET's EV senior writer. Runner-up 🥈 Hybrid vehicles Hybrid-electric vehicles often have a slight premium over pure gas cars due to the dual gas and electric powertrain, but are usually still more affordable than most pure EVs. Loser 💸 Electric vehicles Electric cars are typically at the top end for sticker price. "The battery is going to be the biggest reason that EVs are more expensive," Goodwin says. EVs also don't benefit as much from economies of scale. Plus, consumers are still subsidizing the research and development that legacy automakers are doing to design electric cars, according to Amelia Dalgaard, an automotive expert known online as Motorhead Mama.
Comparing fuel and charging costs
You can't control gas prices, but you can control how much you spend to fuel up. patty_c/Getty Images
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