With gas prices starting to come down but still up over last year, a new report shows it is cheaper to own an electric vehicle than it is to own a gas vehicle.

According to the Midland Reporter-Telegram, the study was done by the Zero Emission Transportation Association, and it found that nationwide electric vehicles are 3-5 times cheaper than gas vehicles to operate, and electric vehicle owners can save from $6,000 to $10,000 over the life of the car.

The Executive Director of ZETA, Joe Britton, said electric vehicles are coming down in price since it is cheaper to charge an electric car than it is to fill up a gas vehicle.

“[Electric vehicle] charging costs are not dependent on global oil markets—and are therefore not subject to the same price shocks, disruptions, and supply shortages,” said Britton in a press release. “Instead, [electric vehicles] run on electricity, which is cheaper than gasoline and is produced domestically from increasingly renewable and locally derived resources.”

The ZETA study compared owning the most popular pickup, SUV, and sedan with its electric equivalent. Based on the study, the national average price of gas and the cost to charge the same electric version of that vehicle were vastly different, and it was a much cheaper cost for the electric vehicle.

The study also showed that the maintenance cost of electric vehicles was about $1,800 to $2,600 cheaper per year than their gas counterpart.

Lastly, the proposed electric vehicle tax credit could reduce the price of the electric vehicle by up to $12,500.




LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

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