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How much does it cost to own an electric car?
I want to buy an electric car, but everyone keeps telling me that they’re too expensive to own, let alone buy one off the lot. What should I do? Is it really that expensive to own an electric car?
Jason Crosby · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The average
EV
should only cost about $950/year to maintain. Electric cars are more expensive to insure
and buy, but you’ll be saving your money in other places, as far as ownership and maintenance is concerned. That’s the tradeoff when it comes to owning an EV—which is a little unsettling for some people. That might be why you’ve been warned against purchasing one, which does make some sense. HOwever, if you’re planning on owning an EV in the long-term, it will actually save you money on repairs, as well as on fuel costs. Because they have fewer moving parts, owning an electric car means that you won’t have to visit the repair shop to fix your transmission or engine, or have to have oil changes performed. The bare essentials, though, like tire rotations, annual inspections, and fuses will have to be seen to. For some owners, having an electric car is an investment—they’re willing to pay higher insurance premiums and more at the lot in order to escape dependency on fossil fuels.
While EV owners can get away from paying for expensive fuel, they might still get sucked into an overpriced car insurance policy, unless they use
Jerry
. It’s hard to know whether you’re getting the best price for your car insurance, but Jerry can help. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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