2 States Where It’s More Expensive To Own an EV Than a Gas-Powered Car
Written by
Chris Adam
Edited by
Daria Uhlig
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Electric vehicle ownership is up in the United States. According to Gallup, 7% of Americans report they own an EV. That’s up from 4% a year ago.
If you’re one of those curious about owning an EV or are actively looking for one, you’re probably aware that it can be less expensive to own an electric vehicle compared to a gas-powered one. However, there are some exceptions.
Automotive News commissioned a study from J.D. Power to look at the expenses involving EVs and gas-powered vehicles over five years.
According to the study, the total cost of ownership for an EV over five years is less than a comparable gas vehicle in every state except two.
Those two states have among the highest electricity bills in the country, but that’s not the only cost J.D. Power looked at. Additional ownership costs may include:
- Consumer-facing transaction prices
- Discounts from the federal government, states and utilities
- Automaker charger incentives
- Interest rates
- Operating costs
- Residual values
- Tax, title and license fees
Here’s a look at the states where it’s actually more expensive to own an EV than a gas-powered vehicle.
West Virginia
The study showed that West Virginia is the least affordable state for EVs. Specifically, the EV five-year cost was $1,800 higher than the cost of a gas engine — $65,193 compared to $63,393.
Maine
The situation is not quite as bad in Maine, but it’s also a place where it’s more expensive to own an EV. According to the study, you’re going to spend $1,619 more over five years.
Cost of Leasing an EV
While the study found that EVs are generally cheaper to own, “customers who choose to lease EVs in typically electric-car-friendly states may actually lose money due to shorter terms,” according to Road & Track.
A case in point is Connecticut, which the Automotive News study found to be the most expensive state to lease an EV over three years. A reason for the difference? As with the states where it costs most to own, Connecticut’s expensive electricity pushes leasing costs to $6,795 above the cost of leasing a gas-powered vehicle.
