People’s interest in electric vehicles is rising as they find they may address their concerns about the environment and the rising cost of petroleum. Yet, the initial investment required to acquire an electric vehicle may be off-putting to some people. In this piece, we’ll examine the price tag associated with buying an electric car and try to answer the age-old question: Do you really need one?


The Initial Cost


The initial investment in an electric vehicle is the first and most noticeable expenditure. The cost of an electric car is generally higher than that of a comparable gasoline-powered vehicle. Nonetheless, there are a growing number of reasonably priced electric vehicles on the market thanks to a steady decline in their initial purchase price.


To give just one example, the lowest-priced model of the Nissan Leaf, one of the most widely-sold electric cars, can be had for roughly $31,000. The base price of a Chevy Bolt is about $36,000, whereas the base price of a Tesla Model 3 is about $38,000. There is still a premium above similar gasoline vehicles, but the gap is closing. In the U.S some companies offer such premium cars for rent even for rideshare driving in Florida, Nyc, Nevada, and many other States.  


Subsidies and Incentives


Electric cars can be cheaper to own thanks to subsidies and incentives. The US federal tax credit for electric cars is $7,500. Some states offer tax credits, rebates, and carpool lanes.

Incentives for EVs are not exclusive to the US. For electric vehicles in the UK, for instance, the government offers a rebate of up to £3,000. In Norway, drivers of electric vehicles can sometimes park for free and avoid paying tolls and taxes.


The Running Costs


Compared to their fuel counterparts, electric vehicles have substantially less operating costs. When comparing the cost of running an electric vehicle to that of a gasoline vehicle, the former is clearly the better option. As a result, refuelling an electric car’s battery is cheaper than filling a gasoline car’s tank.


In the US, the price of power is about 13 cents per kWh on average. The Nissan Leaf has a battery capacity of 40 kilowatt-hours and can go around 150 miles on a single charge. In other words, a full charge will set you back about $5.20. A fill-up for a 12-gallon gas tank in a car that gets 30 miles per gallon would set you back about $36.


Maintenance Costs


The maintenance costs for electric vehicles are also substantially cheaper than those of fuel vehicles. Compared to conventional vehicles, electric vehicles have fewer moving parts and hence fewer potential failure points. Because there is no transmission, engine oil, or spark plugs to change, routine maintenance is unnecessary. Since gasoline prices are expected to continue rising, the cost to maintain electric bikes or cars will be far less than a gasoline vehicle.


The Nissan Leaf, for instance, requires only routine maintenance like a tyre rotation, brake fluid change, and cabin air filter replacement. These tasks do not need to be performed frequently and can be done on a budget.


The Resale Value


An additional cost to think about when deciding whether or not to buy an electric car is the vehicle’s resale value. Some consumers may be apprehensive to purchase a previously owned electric vehicle because of the novelty of the technology. But, the market for secondhand electric vehicles is expected to rise as more individuals make the conversion to these vehicles..


It’s also important to note that electric cars last longer than gas-powered vehicles. Due to their reduced heat output and lack of moving parts, electric vehicles last longer before showing signs of wear. This suggests that the value of an electric vehicle is more likely to increase over time compared to that of a fuel vehicle.




There are many variables that go into calculating the total cost of ownership of an electric vehicle, including the purchase price, the cost of repairs and upkeep, the cost of electricity, and the cost of gasoline. It may cost more to purchase an electric vehicle up front, but in the long run, you will save money on gas and repairs. Furthermore, you may be eligible for tax rebates and other incentives that can help offset the expense of purchasing and maintaining an electric vehicle. Whether or not buying an electric car makes sense for you depends on your own needs and objectives.


While thinking about the price tag for a more sustainable future, it’s crucial to keep in mind the transformation that is currently underway.