A new report provides a detailed comparison of the total ownership costs between electric vehicles, hybrids, and traditional gasoline-powered cars. The analysis covered key factors including purchase price, fuel, maintenance, insurance, and depreciation.
While gasoline cars have a lower initial purchase price, largely due to expensive EV batteries, electric vehicles proved cheaper overall. Annual fueling costs averaged about $550 for an EV compared to $1,320 for a gas car.
EVs also won in maintenance, as they avoid costs like oil changes and exhaust repairs, despite faster tire wear and potential battery replacement costs. Hybrids fared worst in maintenance, requiring both traditional and EV servicing.
However, EVs ranked last in insurance costs and depreciation. Their higher insurance stems from higher vehicle values, and rapid technology advances hurt resale value, similar to older smartphones.
The report compared a 2026 Chevrolet Equinox EV with its gas counterpart over 15 years. The total cost was $57,420 for the EV versus $72,345 for the gas model—a nearly $15,000 savings for the electric vehicle.