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Why are electric cars so expensive?
I’m looking for a new car, and I’m considering an EV, but they’re so much more expensive than a regular, gas-powered vehicle. Why is that?
Andrew Koole · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Your eyes don’t deceive you. Electric cars are more expensive on average than vehicles that still burn gas. The main culprit is the cost of the batteries that power EVs.
EVs are powered by ion-lithium batteries, and because of this, lithium is a hot commodity. Car makers have had to simplify their vehicles in order to keep manufacturing costs down.
Luckily, things are improving. Models like the Nissan Leaf and Chevy Bolt have managed to bring the price of entry closer to $30,000 for a new EV rather than the more common $40,000.
And in the long run, the cost of owning an EV can actually even out be cheaper than owning a regular gas-burner thanks to low charging and maintenance costs.
You can also save by taking advantage of government rebates and by shopping for
car insurance
with Jerry
.
Jerry sources personalized insurance quotes from over 50 top providers, like Nationwide and Travelers, in seconds. Then shows you a few of the best quotes for your situation.View full answer
- Gregory R.
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