New report dispels common misconception about electric vehicles: 'Costs are about one-half or one-third'

With a tough economy and rising costs of living, many people are scaling back on spending and looking to cut their budgets however they can. Making the switch to an electric vehicle is a powerful way to lower your driving expenses and help the environment at the same time.

How do electric vehicles work?

EVs are a cleaner alternative to traditional gas-powered cars. Instead of fueling up at a gas pump, EVs run on batteries that can be recharged at home or at public charging stations.

Electric cars have been around in some form for more than a century, but they experienced a renaissance in the early 2000s and have skyrocketed, particularly in the last 10 years. Breakthroughs in EV technology have allowed them to be cheaper and safer than ever before, making them more accessible to the average consumer.

Why are EVs getting so popular?

People are drawn to the many personal and environmental benefits of EVs. With more demand, there have been more options and competition in the market, better safety protocols, and more public charging stations built across the country.

However, we are still in the early stages of EV adoption, and there are misconceptions about their affordability as an everyday driver. In summer 2024, a CNET survey found that 43% of U.S. adults had concerns with purchasing EVs, particularly emphasizing the cost of charging as a "negative factor."

But a new report from CNET broke down the cost of EV charging versus gas pumping. The analysts determined that, overall, it is less expensive to charge an EV than to fuel up a gas-powered car.

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The price of gasoline can vary wildly from day to day and in different locations. But EVs can be recharged at home and during off-peak hours, like overnight, to save money.

"At a high level, what we're seeing is that the costs are about one-half or one-third of the costs of a gas-powered car," said Anastasia Boutziouvis, solution product manager at EV charging company ChargePoint, per CNET.

Compared to gas cars, EVs have a smaller carbon output, even when accounting for charging, manufacturing, and mining for battery materials, as they release no tailpipe pollution and have a high energy efficiency rating. EVs have also been proven to be just as durable, with an average lifespan of 18.4 years.

If you were going to purchase an EV, which of these factors would be most important to you?

Cost 💰