Looking to get an EV for the first time? How to avoid making a huge financial mistake.
Higher gas prices have led to increased interest in electric vehicles, with searches for EVs on Cars.com rising 25% from February to March. However, fuel costs alone do not make EVs the best financial choice for consumers, as their high purchase or lease prices often outweigh the savings.
Rising gas prices have sparked interest in electric vehicles, with a 25% increase in searches on Cars.com from February to March. Half of surveyed car shoppers said they are considering an EV or plug-in hybrid due to high gas prices. While charging an EV costs less than filling a gas tank, with estimated monthly costs of $59.66 versus $147.24, the high upfront cost of EVs remains a barrier. The average transaction price for a new EV was $56,170 in March, compared to $45,092 for non-EVs. Used EVs are also pricier, with an average sales price of $31,817. Edmunds' director of insights, Ivan Drury, advises consumers to prioritize their needs and not rely solely on gas prices when deciding on an EV, as the economics may not work out for those who are price-sensitive.
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