Are electric cars worth it? EV myths, debunked
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The number of electric vehicles on the road is expected to rise 30% in 2026, with an estimated 116 million EVs worldwide. As gasoline prices average over $4 per gallon, many drivers are considering making the switch to electric cars, but the decision depends on various factors including driving habits, budget, and charging access.
Electric vehicles are becoming increasingly popular, with 116 million on the road worldwide. The price gap between new EVs and gasoline-powered vehicles is shrinking, now at $6,500. Operating costs for EVs can be lower, with annual maintenance costs between $100 and $200. The US government has phased out the $7,500 tax credit, replacing it with an annual tax deduction of up to $10,000 for car loan interest. Many states offer tax rebates for EV purchases. Electricity costs for charging EVs are generally lower than gasoline costs.
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