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Are electric cars cheaper than gas cars?

I’m considering buying an electric car because I heard that they’re good for the environment. However, I’m worried about their price. Are electric cars cheaper than gas?

avatar
Ru Chen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s totally understandable to worry about
electric car
prices. Typically, an electric car will cost more upfront than a gas counterpart, but can cost less later on.
According to some experts, the average price paid for a new EV is close to $60,000. In contrast, a new gas vehicle costs around $45,000 on average.
However, in the long run, you can save more money (and leave a lower carbon footprint!) with an electric vehicle.
This is because** electric vehicles cost substantially less in maintenance costs**. Because an EV has fewer parts, it is less likely to break.
To help off-set the upfront costs, you can get tax credits and electric car incentives, depending on the state you live in. For example, if you live in
Michigan
, you can get a $500 or $1,000 rebate depending on what charger you purchase.
All in all, if you can fairly comfortably afford the base cost of an EV, you will likely be able to save money in the long run.
Another way you can save money is by using
Jerry
. Jerry can save you $879 a year by helping you get cheaper insurance! Jerry gathers personalized insurance quotes from over 50 top providers, like Nationwide and Travelers, in seconds.
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