Study finds EVs are cheaper to own than gas cars in all but two American states

EVs have become the most hyped cars in the past few years, and it happened because of a solid reason — they were cheaper to own than gas cars in the long run.

Now a new study proves just that, but gas cars remain more cost-efficient in two American states.

Sure, the upfront cost to own an all-electric car is significantly higher compared to an Internal Combustion Engine (ICE) car, but it’s the lower additional costs that make it cheaper.

According to the new study, going electric proved to be cheaper for most states, but two states are still not quite there.

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Owning EVs will save you some money, but only in 48 states

The survey by consumer rankings group J.D. Power reveals several interesting facts that were found after studying five years of gas cars versus EV ownership.

It showcases the average ownership costs of owning electric cars on a state-by-state basis.

For some context, car owners who drive EVs in New York save around $7,574 over five years by going electric.

Meanwhile, the residents of New Jersey save the most cash —more than $10,000 over five years.

It’s certainly a great time to switch to electric if you’re in New Jersey because that’s a lot of savings.

However, owning an all-electric car in two states — Maine and West Virginia — will cost you $1,619 and $1,800 extra over five years.

It’s arguably not a significant amount over five years, but paying extra doesn’t really leave any incentive for ditching the good old ICE for good.

But then again, these two states are the only places where this is happening, and you will end up saving some cash in your bank account everywhere else.

Where do the savings come from?

Does this make you wonder how exactly EVs are cheaper to own while being relatively expensive than their gas-powered counterparts?

J.D. Power says that most buyers only look at the up-front cost when purchasing a car, which is obviously greater when it comes to electric cars.

“A lot of everyday shoppers view their financials through that traditional car deal lens where they’re really just looking at that up-front transaction price,” J.D. Power told Automotive News.

The real deal hides behind a cloak of after-sales expenses like maintenance, charging, and repair costs.

It’s ultimately cheaper to do all those things if you have an electric car because charging prices and repair costs — including how many times your car needs one — can make all the difference.

Moreover, the amount that you end up saving in 48 states also varies because of different electricity prices.