Is An EV Worth The Cost?

Depends on who you ask, but we’d argue it is.

The cost of electric cars is one of the biggest barriers to their adoption. Sure, going green seems great and all—until you look at the price tag.

We get it. EVs cost a lot upfront.

The average electric car price in the U.S. is $66,000.

Still, you can find EVs that fall below this figure. A 2023 Nissan Leaf, for example, is a basic commuter car with a driving range of up to 212 miles. It will run you around $27,400. On the lower end, you can find used models for around $11,000, but they’re more likely to be somewhere around the $16,000 range. 

A higher-end EV, like the Tesla Model 3, has a 358-mile driving range. It will set you back over $40,000, or over $56,000 if you choose the high-performance, dual motor all-wheel drive model. 

And beyond the sticker price, you’ll need to take the cost of insurance, electricity, and charging equipment into consideration. 

However, the high cost comes with several benefits. 

The first and probably the most important benefit you get from driving an EV: you’ll save on fuel and maintenance costs. EVs have fewer moving parts and fluids than gas cars do, so they don’t break down as much.

You also save time because you don’t need to go to the gas station. If your home is outfitted with a charging station, simply plug your car in overnight, and you’re good to go.  

Because they’re electric, EVs are emissions-free—a huge bonus for the planet. Stricter emissions standards could mean that electric cars soon become the norm, rather than the outlier, on public streets.

California, for example, just banned the sale of new gas cars by 2035. Slowly but surely, the tide is turning towards electric. As more manufacturers introduce EVs into the market, prices are expected to drop.

Other perks?

You get access to the carpool lane in some states and cities. Win. 

You can also get a $7,500 tax credit for buying a new EV or a $4,000 credit if you get a used one. There are caveats about which vehicles qualify, which are all nicely laid out in this recent NPR article.

And last but not least: EVs are quieter and make for a smooth ride. 

Ultimately, however, it’s up to you to weigh the benefits against the cost of an EV.

But if you can afford it, we think it’s totally worth it. Driving EVs reduces emissions and ultimately encourages more sustainable living. Can’t really argue against that!