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Electric vehicles may save consumers money over the long term relative to traditional gasoline-powered cars.
While EVs still tend to cost more upfront to purchase, recurring charges for fuel and maintenance are generally cheaper — adding up to a total lifetime cost that can be lower than that of a gas vehicle, experts said.
However, whether or not EVs beat gasoline cars on total cost depends on factors such as EV model, where the buyer lives and how they charge the battery, research shows.
EVs are expected to more easily reach cost parity with gasoline cars as battery prices continue to fall, experts said.
Some EV prices ‘starting to break even’ with gas models
The average consumer paid about $56,000 to buy a new EV in June 2024, relative to $49,000 for a gas-powered vehicle, according to Kelley Blue Book.
That financial gap is narrowing, however.
Carmakers have been cutting EV …