Cheaper to fill, but will an EV really save you money?

(NewsNation) — With gas hovering around $4/gallon, more people than ever are thinking about electric vehicles, or EVs, as a viable alternative for the family car. In fact, there are twice as many EVs on the road now as in 2018.

However, the sticker price on EVs is still running higher than comparable gas-powered cars, so before making the decision you have to factor that in, as well. According to Kelley Blue Book, the average gas-powered vehicle costs $47,077, which the average electric one costs $62,876.

Assuming the life span of your car is 200,000 miles, it will cost approximately $23,170 to keep its tank full for that time period based on an average of gas prices for the last decade. If gas prices remain as they are now for the next decade, increase that cost to $32,000.

When it comes to keeping an EV moving, those who charge at home will spend roughly $8,400 over its lifetime to keep it charged, plus $2,000 for the installation of a home charging station. Charging away from home, on road trips and such, will tack on $8,600. That brings the fuel cost for your EV to $19,000 over the 200,000-mile lifespan.

Maintenance costs are another big factor in how much it costs to own a car. For EVs, the lifetime maintenance cost will be approximately $4,600. For a gas vehicle, double that to $9,200.

So, what’s the tale of the tape? Adding up all the expenses, the gas vehicle will cost you $79,447, while the EV comes in at $86,476. That’s a difference of $7,029, or the price of a good used car for one of your kids.

There are still some tax credits ranging from $2,500 to $7,500 available for owning electric vehicles, however there’s a limited number per carmaker. GM and Tesla have already handed out all of theirs, for example.

NewsNation was live for the launch of Ford’s all-electric truck, F-150® Lightning. Watch coverage here.