Only in Maine and West Virginia does five-year cost of ownerships for EVs come in higher than for combustion vehicles
EVs cost less over a five-year ownership period in all but two US states, despite higher initial purchase price, a JD Power study says. Only in Maine and West Virginia is it more cost effective to run a combustion-powered car. EV drivers in some states will save more than $9,000 over five years by picking EV over ICE. The higher purchase price of an EV is sometimes cited as a reason why more people don’t switch to electric power.
Nevada EV buyers can save $9,216 over five years, those in Illinois can save $8,751, and there’s $8,493 on the table in Colorado thanks to the state offering drivers up to $5k to buy an EV, a deal that comes in addition to any available federal tax credits. Selecting electric over ICE in New York, Massachusetts, Utah, Arizona and New Mexico could also make you more than $6,000 better off.
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