With high gas prices, people are thinking about switching to an EV. But electric vehicles don't always save money in the long run
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High gas prices are on almost everyone’s mind right now — especially if you’re in the market for a new car. But is switching to an EV the solution?
It depends on the model, Consumer Reports found. Its experts looked at which electric vehicles could spare you significant costs over time, and which are simply too expensive to offset gas savings. That’s in part because the average new EV in February cost $6,500 more than a gas-powered car.
“After a significant sales drop, consumers are starting to get curious about EVs again,” said Jake Fisher, the senior director of Consumer Reports’ Auto Test Center. “Depending on local gas and electricity costs, hybrids might make better financial sense than EVs for some buyers, especially because many have outstanding long-term reliability.”
Continue reading to see which EVs will save you cash — and which won't.
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If you’re in the market for a mid-sized luxury SUV, CR said the electric iX will save you money over time compared to the gas-powered X5. “The MSRP of the iX is about $4,550 more than a comparable X5, but depending on where you live, gassing up the X5 should cost you between $2,300 and $3,300 a year, compared with the iX’s yearly electric bill, which could be as low as $625 in Florida and as high as $1,500 in California,” CR explained.
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Mini Cooper shoppers should also consider going electric, but only if they plan on driving the car for a long time, CR found. While the electric Countryman costs about $6,300 more than the gas powered, it could save you up to $1,400 a year if you live in a low-cost electricity state, recouping that $6,300 extra less than in five years.
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If you’re looking for a Hyundai three-row SUV, CR said to stick with the hybrid. The Ioniq 9 costs almost $17,000 more than the Palisade Hybrid, meaning you’ll need to drive the car for more than a dozen years to make back the investment, and that’s in a low-cost electricity state. In Massachusetts, it will take 22 years to make back the difference, CR found.
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Pickup truck drivers worried about costs won’t solve their issues by switching to an EV Chevy, according to CR. The Silverado EV costs $14,400 more than its equivalent gas version, which means it will take around a decade—at least—to make back the difference.
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Gas makes more financial sense for the Chevrolet Equinox, too. The EV costs around $9,500 more than the gas. But Chevy is currently offering an $8,000 incentive to buy the EV Equinox over the gas model, CR said. If you're offered that rebate, go with electric.
