MOST ELECTRIC
VEHICLES ARE
CHEAPER TO OWN
OFF THE LOT THAN
GAS CARS
ROBBIE ORVIS
MAY 2022
EXECTUIVE SUMMARY
Many studies show electric vehicles (EVs) are cheaper to
operate than gasoline-powered vehicles with lower total cost
of ownership (TCO) over the vehicle lifetime, due to fuel and
maintenance savings outstripping purchase price differences.
However, most consumers focus on how much they’ll have to
pay to own and operate a vehicle each month, not necessarily
how much a vehicle will save them over its lifetime. And
roughly half of Americans think EVs are too expensive to
consider or aren’t willing to pay more for an EV compared to
a gasoline car.
This research finds that in most states, financing and owning
an EV is cheaper on a monthly basis than financing and
owning an equivalent gasoline car.
In other words, most new EVs are cheaper to own from the
day they are driven off the lot, even when the sticker price is
considerably higher. Consumer savings are even greater if the
EV incentives currently proposed in Congress are included,
making EVs cheaper in nearly every instance, and more
affordable for all Americans looking to purchase a new car.
Since 85 percent of new vehicle buyers finance their cars,
understanding how the monthly loan repayment compares to
estimated fuel and maintenance costs is critical to
understanding the monthly impact to consumers.
This study compares monthly ownership costs of six EV and
gasoline equivalent vehicles, accounting for financing costs,
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98 Battery Street, Suite 202
San Francisco, CA 94111
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
state taxes and fees, state and federal rebates and tax credits, fuel costs, maintenance costs, and insurance
costs. For two of the vehicle comparisons we evaluated, the Hyundai Kona SEL and the Ford F-150, the EV
version was cheaper to own per month in every single state.
For several others, including the Volvo XC40, the Nissan Leaf (compared to the Nissan Versa), and the
Hyundai Kona Limited, it was cheaper to own the EV version in about half of states. Where those models
did cost more, it was often by less than $15 per month. For one model, the Kia Niro, the EV was only cheaper
in a handful of states, due largely to the fact that the hybrid gasoline version achieves 50 miles per gallon.
While monthly EVs costs during loan repayment are lower in many states, savings grow dramatically after
the loan is repaid, with nearly every state-vehicle comparison showing significant monthly cost savings, in
line with other studies. Our modeling finds that TCO is significantly lower for EVs than for gasoline cars,
with owners saving on average $6,000 over the vehicle’s lifetime. Though we did not explicitly look at the
used car market, used cars have a lower purchase price (though higher financing rates), and cost savings
are likely to be even more advantageous for EVs, especially if Congress passes a used EV tax credit.
These monthly savings are contingent on the existing $7,500 federal EV tax credit. Without this tax credit,
most models are no longer cheaper during the loan repayment period (even though operating costs and
TCO remain lower than for gasoline cars). Notably, two of the vehicle manufacturers we evaluated in this
study, Ford and Nissan, will likely exceed the federal tax credit cap of 200,000 EV sales this year, meaning
the tax credit will unlikely last at current levels beyond 2022 without a modification to current policy.
Our modeling shows that increasing the tax credit amount as currently proposed in Congress, significantly
improve EV ownership economics, with a $10,000 tax credit making EVs cheaper in nearly every state-
vehicle comparison. The tax credits take on even greater significance if gas prices decline, because the
operating cost difference will shrink. These findings underscore why Congress must pass an extended and
expanded EV tax credit in the coming months, or risk backsliding on EV deployment and consumer savings.
INTRODUCTION
EVs are an increasingly economic choice for consumers worried about pain at the pump. Many studies
show EVs can save owners thousands of dollars relative to gasoline vehicle equivalents over a vehicle’s
lifetime.
1
,
2
,
3
,
4
,
5
,
6
TCO are considerably lower due to fuel and maintenance savings from driving an EV relative
to a gasoline vehicle. Fuel savings accrue because EVs are two to four times more efficient than gasoline
vehicles, so driving the same distance costs considerably less, and have fewer moving parts requiring less
maintenance than gasoline vehicles. Indeed, numerous studies demonstrate considerable operational
savings from driving an EV.
Despite these savings, customers may be dissuaded from purchasing an EV because of higher upfront costs
(though upfront EV costs, despite near-term supply chain challenges, are expected to reach price parity
with gasoline vehicles in the mid-2020s)
7
, especially when state and federal rebates and tax credits are not
clearly articulated to potential consumers. This sticker shock may discourage consumers from purchasing
EVs, even when it is in their economic interest, given that TCO and operating costs are consistently lower
for EVs than gasoline cars: A Cox Automotive study found that 51 percent of Americans believe EVs are
“too expensive to seriously consider,”
8
and nearly half of Americans aren’t willing to pay more for an EV
than a gasoline car.
9
However, while EVs have higher upfront prices today than comparable gasoline cars, very few people pay
for their new cars upfront: More than 85 percent of new vehicle purchases are financed,
10
creating a
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
payment stream over several years (six years is the most common lease term).
11
Ultimately, consumers are
focused on how much their monthly costs will change as a result of a new vehicle purchase. TCO and
operational savings are often too intangible to overcome concerns about upfront purchase price
differences.
This study evaluates monthly ownership costs of EVs compared to gasoline vehicle equivalents, including
the cost of paying back vehicle financing. We include financing costs, taxes, rebates and tax credits, state
fees, fuel costs, maintenance costs, and insurance costs. We selected six different EV-gasoline comparisons,
identifying vehicles that are as similar as possible. This is challenging as many base EV models have more
advanced features than equivalent base gasoline models. More information on the selected vehicles and
methodology used to estimate monthly vehicle ownership costs is discussed below.
METHODOLOGY
We estimate the monthly and annual vehicle ownership costs over the loan repayment period to evaluate
monthly EV ownership costs when the vehicle is purchased. We include purchase, financing, insurance,
fuel, and maintenance costs, as well as state rebates and federal tax credits.
Vehicle Purchase Costs
We collected data on vehicle prices from manufacturer websites for six gasoline vehicles and six EVs, for
six direct comparisons. We selected models reflecting the range of vehicle types on the market (e.g.,
compact, crossover, pickup, and SUV). Base model EVs often have more features than comparative base
model gasoline cars. We assessed model variants to identify the closest comparison between gasoline and
electric versions of vehicles with the closest matching set of features.
EPA Size Class
Gasoline Model
MSRP
EV Model
MSRP
Small SUV
Hyundai Kona SEL
$24,745
Hyundai Kona Electric SEL
$35,245
Small SUV
Hyundai Kona Limited
$29,845
Hyundai Kona Electric
Limited
$43,745
Standard Pickup
Truck
Ford F-150 XL
$31,685
Ford F-150 Lightning Pro
$41,669
Small Station
Wagon
Kia Niro EX Premium
$33,600
Kia Niro EV EX Premium
$45,865
Small SUV
Volvo XC40 Inscription
$41,945
Volvo XC40 Recharge Plus
$56,395
Compact/Midsize
Nissan Versa S Xtronic
CVT
$17,875
Nissan LEAF
$28,425
Table 1: Selected 2022 Gas and EV Models and MSRP used in this study
Financing Costs
Total financed amounts include state tax for each vehicle, accounting for states with discounted EV sales
taxes, and subtracting the estimated down payment using the national average from J.D. Power of 12
percent per vehicle, for gasoline vehicles.
12
For EVs, we assume the same down payment as the gasoline
equivalent as a conservative estimate, increasing monthly loan repayment costs for EVs but providing an
apples-to-apples comparison of upfront costs. Annual financing charges are then estimated using the total
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
financed amount, the national average new vehicle loan term of six years as reported by Edmunds, and a
financing rate of 3.86 percent, which is the 2021 national average reported by NerdWallet.
We also include estimated state rebates and federal tax credits for EVs. Currently, all the evaluated models
qualify for the $7,500 federal tax credit, though beginning in 2023 at least two of the vehicles will likely lose
their tax credits unless Congress passes legislation extending existing credits or adding new ones.
13
State
rebates are often applied at the point of sale or within several months following the vehicle purchase. The
federal tax credit is received during tax filing for the year the vehicle is purchased (e.g., for a consumer
purchasing an EV in 2022, the tax credit wouldn’t be received until taxes are filed in 2023). For simplicity,
we levelize tax credits over the loan term. We sum the financing charges, inclusive of state taxes and down
payments, then apply rebates and tax credits to determine annual financing charges, as shown in Figure
1.
14
,
15
It is worth noting some manufacturers and dealers offer different financing rates for different vehicle types,
which this analysis does not consider. For example, Nissan offers 3.39 percent financing
16
for the Versa S
Xtronic CVT but 0.9 percent financing
17
for a LEAF purchase, a difference of around $400 per year
depending on state tax rates and available rebates. Different available financing rates could considerably
impact annual financing costs and is an important policy consideration.
Operating Costs
Maintenance Costs
We estimate annual operating costs, including fuel and maintenance. For maintenance costs, we use U.S.
Department of Energy (DOE) data on estimated maintenance costs per mile by vehicle type.
18
This analysis
found that monthly maintenance costs for EVs ($0.061/mile) are roughly 40 percent lower than those for
gasoline cars ($0.101/mile). Annual maintenance costs are estimated using per-mile estimates from DOE
and estimated average annual mileage of 13,469 over the loan term using data from the U.S. Environmental
Protection Agency’s (EPA) MOVES3 model.
19
Fueling Costs
Vehicle fueling costs are estimated using annual mileage, fuel efficiency from FuelEconomy.gov, current
average state gasoline prices from AAA as of May 4
th
, 2022
20
and 2021 average residential electricity rates
for EVs. It is important to note EPA’s fuel efficiency values reflect tested values, and that on-road efficiency
is typically lower than rated values.
For EVs, we assume owners use Level 1 chargers. Although a high percentage of current EV owners have
installed Level 2 chargers,
21
data on average daily driving distance and Level 1 charging speed finds the vast
Where:
i
= Average vehicle loan APR
n
= Average loan term
MSRP
= Manufacturer’s suggested retail price
Figure 1: Formula for Calculating Annual Financing Charge
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
State
State
Electricity
Price ($/kWh)
State Regular
Gasoline Price
($/gal)
Alabama
$0.13
$3.88
Alaska
$0.23
$4.68
Arizona
$0.13
$4.59
Arkansas
$0.11
$3.82
California
$0.23
$5.76
Colorado
$0.13
$4.04
Connecticut
$0.22
$4.17
Delaware
$0.13
$4.26
District of Columbia
$0.13
$4.53
Florida
$0.12
$4.18
Georgia
$0.13
$3.75
Hawaii
$0.33
$5.27
Idaho
$0.10
$4.46
Illinois
$0.13
$4.52
Indiana
$0.13
$4.12
Iowa
$0.13
$3.92
Kansas
$0.13
$3.82
Kentucky
$0.12
$3.88
Louisiana
$0.11
$3.89
Maine
$0.17
$4.26
Maryland
$0.13
$4.27
Massachusetts
$0.23
$4.24
Michigan
$0.18
$4.28
Minnesota
$0.13
$3.91
Mississippi
$0.12
$3.82
Missouri
$0.11
$3.82
Montana
$0.11
$4.18
Nebraska
$0.11
$3.95
Nevada
$0.12
$5.10
New Hampshire
$0.20
$4.17
New Jersey
$0.16
$4.28
New Mexico
$0.14
$4.11
New York
$0.19
$4.38
North Carolina
$0.12
$3.96
North Dakota
$0.11
$3.97
Ohio
$0.13
$4.02
Oklahoma
$0.12
$3.84
Oregon
$0.11
$4.71
Pennsylvania
$0.14
$4.40
Rhode Island
$0.22
$4.22
South Carolina
$0.13
$3.89
South Dakota
$0.12
$4.03
Tennessee
$0.11
$3.96
Texas
$0.12
$3.88
Utah
$0.11
$4.51
Vermont
$0.19
$4.29
Virginia
$0.12
$4.08
Washington
$0.10
$4.74
West Virginia
$0.12
$4.07
Wisconsin
$0.15
$3.99
Wyoming
$0.11
$4.17
Table 2: Gasoline Prices as of May 4, 2022 and 2021 State Electricity Rates
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
majority of daily driving needs can be met without Level 2 chargers. For example, the average single-car
American household drives about 30 miles per day.
22
Level 1 chargers can charge about five miles per
hour,
23
meaning just six hours of charge each day with a Level 1 charger could recharge an EV for an average
daily drive. Even on a day with double the average distance, a 12-hour overnight charge would be sufficient.
And since most drivers park their cars for more than six hours a day (e.g., overnight), any shortfall in battery
charge could be made up by subsequent charging sessions.
Maintenance and fuel costs are added together to estimate annual operating costs:
Insurance Costs
Insurance costs (premiums) are based on many factors, but vehicle price is arguably the most important.
Data on rates by vehicle types also suggest EVs receive a slightly higher rate even when vehicles are similarly
priced (a variety of potential reasons exist for this trend). We estimated the difference in insurance
premiums for different vehicle types using data from MoneyGeek.com. Using data provided on insurance
premiums across several different gasoline and EV models, we estimate insurance premiums for the models
covered in this study as a function of MSRP and vehicle type (gasoline vs electric vehicle). Figure 3 below
shows the equations used for estimating insurance premiums:
Additional Fees
Many states levy an annual fee on EVs, partially to compensate for lost gasoline tax revenue. We include
summarized state-specific EV fees in this analysis from the American Council for an Energy Efficient
Economy.
Total Monthly Ownership Costs
Total monthly ownership cost sums annual financing costs, operating costs, insurance costs, and additional
fees by vehicle and divides by 12 months.
RESULTS
Monthly ownership costs, including several sensitivities, as well as TCO, are discussed below.
Monthly Ownership Costs During Financing Term
Figure 2: Formula for Calculating Annual Operating Costs
Figure 3: Formulas for Calculating Insurance Costs
Figure 4: Formula for Calculating Total Monthly Ownership Costs
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Estimated monthly ownership costs by state and vehicle model are shown in Table 3 with gasoline models
on the left of each vehicle comparison.
Vehicle and state combinations where the EV model is cheaper on a monthly basis are shaded in green. EV
models of the Hyundai Kona SEL and Ford F-150 are cheaper in every single state to finance and own today
than the equivalent gasoline model. The Volvo XC40 and Nissan models are just slightly more expensive,
on the order of a few dollars or less, in several of the states where it is cheaper to own the gasoline version.
For example, the Nissan Leaf’s monthly difference is less than $15 in Alaska, Arkansas, Indiana, Iowa,
Kansas, Minnesota, Mississippi, New Hampshire, Ohio, South Carolina, Tennessee, Vermont, West Virginia,
Wisconsin, and Wyoming, and less than $1 per month in some states. Yellow shaded cells below show
combinations where EVs were $15 or less per month more expensive to own. EVs that were than $15 a
month more to own are shaded red.
Table 3: Monthly Ownership Costs by Vehicle
SEL Electric SEL Limited Electric Limited XL Lightning Pro EX Premium EV EX Premium Inscription Recharge Plus Versa S Xtronic CVT LEAF
Alabama $724 $686 $804 $826 $905 $819 $816 $860 $1,027 $1,044 $568 $582
Alaska $736 $678 $813 $813 $927 $831 $813 $847 $1,035 $1,036 $575 $581
Arizona $755 $676 $836 $819 $950 $810 $841 $853 $1,068 $1,040 $588 $570
Arkansas $731 $694 $814 $838 $914 $825 $828 $872 $1,041 $1,059 $573 $587
California $802 $690 $885 $834 $1,021 $851 $876 $871 $1,129 $1,072 $620 $585
Colorado $725 $633 $804 $772 $907 $765 $814 $805 $1,026 $988 $568 $530
Connecticut $743 $680 $825 $823 $932 $838 $835 $860 $1,055 $1,058 $581 $576
Delaware $721 $610 $798 $745 $905 $738 $804 $777 $1,017 $955 $565 $511
District of Columbia $754 $680 $836 $824 $949 $816 $842 $858 $1,068 $1,046 $588 $574
Florida $742 $677 $824 $820 $930 $809 $834 $854 $1,053 $1,041 $580 $570
Georgia $719 $685 $799 $826 $897 $817 $813 $859 $1,021 $1,043 $565 $581
Hawaii $772 $740 $853 $880 $979 $924 $848 $918 $1,087 $1,126 $600 $641
Idaho $752 $682 $834 $825 $945 $810 $840 $859 $1,065 $1,044 $587 $575
Illinois $755 $690 $837 $834 $950 $826 $843 $868 $1,069 $1,057 $589 $584
Indiana $744 $700 $827 $844 $933 $837 $838 $879 $1,057 $1,069 $582 $593
Iowa $733 $685 $815 $828 $917 $819 $828 $862 $1,042 $1,049 $574 $578
Kansas $731 $691 $814 $835 $914 $826 $828 $869 $1,041 $1,058 $573 $584
Kentucky $731 $675 $813 $818 $914 $806 $827 $852 $1,040 $1,038 $573 $569
Louisiana $726 $665 $807 $806 $907 $793 $819 $839 $1,030 $1,022 $569 $560
Maine $743 $663 $824 $805 $932 $807 $833 $840 $1,053 $1,032 $581 $558
Maryland $745 $680 $827 $824 $935 $816 $836 $858 $1,057 $1,046 $582 $574
Massachusetts $745 $679 $827 $823 $935 $840 $837 $859 $1,057 $1,059 $582 $576
Michigan $745 $703 $828 $846 $936 $850 $836 $881 $1,057 $1,075 $583 $598
Minnesota $736 $692 $819 $837 $921 $830 $832 $871 $1,047 $1,061 $577 $586
Mississippi $733 $694 $816 $838 $917 $827 $831 $872 $1,044 $1,061 $575 $586
Missouri $722 $671 $803 $812 $902 $801 $816 $845 $1,026 $1,029 $567 $567
Montana $719 $641 $796 $776 $901 $765 $802 $807 $1,013 $984 $563 $541
Nebraska $732 $676 $814 $819 $916 $806 $826 $852 $1,040 $1,037 $574 $570
Nevada $777 $680 $860 $824 $984 $812 $859 $858 $1,098 $1,046 $604 $572
New Hampshire $718 $669 $795 $804 $900 $815 $802 $838 $1,013 $1,024 $563 $571
New Jersey $748 $588 $831 $723 $939 $726 $839 $756 $1,061 $938 $584 $489
New Mexico $736 $677 $818 $819 $923 $813 $828 $853 $1,044 $1,040 $576 $572
New York $741 $662 $822 $803 $931 $812 $828 $838 $1,048 $1,030 $579 $560
North Carolina $729 $679 $810 $820 $912 $809 $822 $854 $1,035 $1,038 $572 $574
North Dakota $731 $677 $812 $819 $914 $806 $824 $852 $1,037 $1,036 $573 $572
Ohio $735 $695 $817 $837 $920 $829 $829 $871 $1,044 $1,059 $576 $589
Oklahoma $724 $669 $805 $810 $905 $801 $818 $844 $1,029 $1,028 $568 $565
Oregon $737 $629 $814 $764 $929 $754 $814 $796 $1,036 $972 $575 $529
Pennsylvania $750 $672 $832 $815 $942 $809 $839 $850 $1,062 $1,038 $585 $566
Rhode Island $747 $716 $830 $861 $937 $876 $840 $897 $1,061 $1,097 $584 $612
South Carolina $732 $686 $814 $829 $915 $821 $827 $863 $1,040 $1,051 $574 $580
South Dakota $731 $669 $812 $810 $915 $801 $822 $844 $1,037 $1,028 $573 $564
Tennessee $738 $688 $821 $832 $924 $819 $834 $866 $1,050 $1,054 $578 $580
Texas $732 $644 $815 $787 $916 $777 $828 $821 $1,042 $1,008 $574 $537
Utah $749 $673 $830 $814 $943 $800 $835 $847 $1,060 $1,031 $585 $567
Vermont $746 $701 $828 $844 $936 $852 $836 $879 $1,058 $1,074 $583 $596
Virginia $732 $673 $812 $814 $917 $804 $822 $847 $1,037 $1,031 $573 $569
Washington $763 $649 $846 $784 $963 $771 $849 $816 $1,080 $991 $594 $549
West Virginia $738 $694 $820 $837 $925 $827 $831 $871 $1,048 $1,058 $578 $588
Wisconsin $731 $688 $813 $830 $915 $826 $824 $864 $1,038 $1,052 $573 $583
Wyoming $734 $680 $814 $820 $920 $808 $823 $853 $1,039 $1,036 $574 $575
Monthly Ownership Cost during Financing Term
2022 Volvo XC40
2022 Nissan
States
2022 Hyundai Kona
2022 Hyundai Kona
2022 Ford F-150
2022 Kia Niro
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Kia Niro financing and operating costs are cheaper for the gasoline version in most states because of its
high fuel efficiency: The Kia Niro gasoline hybrid car gets 49 MPG, lowering the estimated fuel savings
between gasoline and EV versions.
The same subset of states, with higher electricity prices and/or lower gasoline prices, tend to be the ones
where gasoline vehicles remain more economic including Alaska, Georgia, Hawaii, Michigan, New
Hampshire, Rhode Island, and Vermont.
Figure 5 shows the average monthly cost of ownership during the finance term by vehicle across the U.S.
Figure 5: National Average Monthly Cost of Ownership during Finance Term
The Importance of Federal Tax Credits
The federal government offers a $7,500 tax credit for EVs sold by qualifying manufacturers that have sold
fewer than 200,000 EVs. Tesla and General Motors already passed this threshold, and their vehicles are no
longer eligible for the tax credit. Toyota, Ford, and Nissan are all likely to pass this threshold in 2022 or early
2023.
24
For example, Toyota recently announced it will pass the threshold this year and the tax credit will
soon be phased out for its vehicles.
25
Federal tax credits are critical to maintaining competitive EV financing
and ownership costs during the financing term. Without them, purchasing an EV becomes significantly
more expensive on a monthly basis.
Gas
Gas
Gas
Gas
Gas
Gas
EV
EV
EV
EV
EV
EV
$0
$200
$400
$600
$800
$1,000
$1,200
Hyundai Kona
SEL
Hyunda Kona
Limited
Ford F-150 Kia Niro EX Volvo XC40 Nissan Versa -
LEAF
Monthly Ownership Costs ($)
National Average Monthly Cost of Ownership during Finance Term
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EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Table 4 shows monthly cost comparisons without any federal tax credits, making EVs considerably more
expensive on a monthly basis than gasoline counterparts.
SEL Electric SEL Limited Electric Limited XL Lightning Pro EX Premium EV EX Premium Inscription Recharge Plus Versa S Xtronic CVT LEAF
Alabama $724 $790 $804 $930 $905 $923 $816 $964 $1,027 $1,149 $568 $686
Alaska $736 $782 $813 $917 $927 $935 $813 $952 $1,035 $1,140 $575 $685
Arizona $755 $780 $836 $923 $950 $914 $841 $957 $1,068 $1,144 $588 $675
Arkansas $731 $798 $814 $942 $914 $929 $828 $976 $1,041 $1,163 $573 $691
California $802 $794 $885 $939 $1,021 $955 $876 $975 $1,129 $1,177 $620 $689
Colorado $725 $737 $804 $876 $907 $869 $814 $909 $1,026 $1,092 $568 $634
Connecticut $743 $784 $825 $928 $932 $942 $835 $964 $1,055 $1,162 $581 $680
Delaware $721 $715 $798 $850 $905 $842 $804 $881 $1,017 $1,059 $565 $615
District of Columbia $754 $785 $836 $928 $949 $920 $842 $962 $1,068 $1,150 $588 $679
Florida $742 $781 $824 $924 $930 $913 $834 $958 $1,053 $1,145 $580 $675
Georgia $719 $789 $799 $930 $897 $921 $813 $963 $1,021 $1,147 $565 $685
Hawaii $772 $844 $853 $985 $979 $1,028 $848 $1,023 $1,087 $1,230 $600 $746
Idaho $752 $787 $834 $930 $945 $914 $840 $963 $1,065 $1,148 $587 $680
Illinois $755 $795 $837 $938 $950 $931 $843 $972 $1,069 $1,161 $589 $688
Indiana $744 $804 $827 $948 $933 $941 $838 $983 $1,057 $1,173 $582 $697
Iowa $733 $789 $815 $932 $917 $923 $828 $966 $1,042 $1,154 $574 $683
Kansas $731 $795 $814 $939 $914 $930 $828 $973 $1,041 $1,162 $573 $688
Kentucky $731 $779 $813 $922 $914 $911 $827 $956 $1,040 $1,142 $573 $673
Louisiana $726 $769 $807 $910 $907 $898 $819 $943 $1,030 $1,126 $569 $664
Maine $743 $767 $824 $909 $932 $912 $833 $944 $1,053 $1,136 $581 $662
Maryland $745 $785 $827 $928 $935 $920 $836 $962 $1,057 $1,150 $582 $679
Massachusetts $745 $783 $827 $927 $935 $944 $837 $963 $1,057 $1,163 $582 $680
Michigan $745 $807 $828 $951 $936 $954 $836 $986 $1,057 $1,179 $583 $703
Minnesota $736 $797 $819 $941 $921 $934 $832 $975 $1,047 $1,165 $577 $690
Mississippi $733 $798 $816 $943 $917 $931 $831 $977 $1,044 $1,165 $575 $691
Missouri $722 $776 $803 $916 $902 $905 $816 $949 $1,026 $1,133 $567 $671
Montana $719 $745 $796 $880 $901 $869 $802 $912 $1,013 $1,088 $563 $645
Nebraska $732 $781 $814 $923 $916 $910 $826 $956 $1,040 $1,141 $574 $674
Nevada $777 $784 $860 $928 $984 $916 $859 $962 $1,098 $1,150 $604 $677
New Hampshire $718 $773 $795 $908 $900 $920 $802 $942 $1,013 $1,128 $563 $676
New Jersey $748 $692 $831 $827 $939 $830 $839 $860 $1,061 $1,042 $584 $594
New Mexico $736 $781 $818 $923 $923 $917 $828 $957 $1,044 $1,144 $576 $676
New York $741 $766 $822 $907 $931 $916 $828 $942 $1,048 $1,134 $579 $664
North Carolina $729 $783 $810 $925 $912 $913 $822 $958 $1,035 $1,142 $572 $678
North Dakota $731 $781 $812 $923 $914 $910 $824 $956 $1,037 $1,140 $573 $676
Ohio $735 $799 $817 $941 $920 $933 $829 $975 $1,044 $1,163 $576 $693
Oklahoma $724 $773 $805 $914 $905 $905 $818 $948 $1,029 $1,133 $568 $669
Oregon $737 $734 $814 $869 $929 $858 $814 $900 $1,036 $1,076 $575 $633
Pennsylvania $750 $776 $832 $919 $942 $913 $839 $954 $1,062 $1,143 $585 $670
Rhode Island $747 $820 $830 $965 $937 $980 $840 $1,001 $1,061 $1,202 $584 $716
South Carolina $732 $790 $814 $933 $915 $925 $827 $967 $1,040 $1,155 $574 $684
South Dakota $731 $773 $812 $914 $915 $905 $822 $948 $1,037 $1,132 $573 $669
Tennessee $738 $792 $821 $936 $924 $923 $834 $970 $1,050 $1,158 $578 $684
Texas $732 $748 $815 $891 $916 $881 $828 $925 $1,042 $1,113 $574 $641
Utah $749 $777 $830 $919 $943 $905 $835 $952 $1,060 $1,135 $585 $671
Vermont $746 $805 $828 $948 $936 $956 $836 $983 $1,058 $1,179 $583 $700
Virginia $732 $777 $812 $918 $917 $908 $822 $951 $1,037 $1,136 $573 $673
Washington $763 $754 $846 $889 $963 $875 $849 $920 $1,080 $1,095 $594 $653
West Virginia $738 $798 $820 $941 $925 $931 $831 $975 $1,048 $1,162 $578 $692
Wisconsin $731 $792 $813 $934 $915 $930 $824 $968 $1,038 $1,156 $573 $687
Wyoming $734 $784 $814 $924 $920 $912 $823 $957 $1,039 $1,140 $574 $679
Monthly Ownership Cost during Financing Term without Federal Tax Credits
States
2022 Hyundai Kona
2022 Hyundai Kona
2022 Ford F-150
2022 Kia Niro
2022 Volvo XC40
2022 Nissan
7
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Table 4: Monthly Ownership Costs by Vehicle without Federal Tax Credits
Extending and enhancing the EV tax credit could make even more EVs economic during a six-year loan term.
For example, Table 5 below shows how the economics would change with a $10,000 federal tax credit,
where only three states have any vehicles in the analysis that aren’t economic, confined to the Kia Niro
with a 50 MPG fuel efficiency gasoline version.
SEL Electric SEL Limited Electric Limited XL Lightning Pro EX Premium EV EX Premium Inscription Recharge Plus Versa S Xtronic CVT LEAF
Alabama $724 $790 $804 $930 $905 $923 $816 $964 $1,027 $1,149 $568 $686
Alaska $736 $782 $813 $917 $927 $935 $813 $952 $1,035 $1,140 $575 $685
Arizona $755 $780 $836 $923 $950 $914 $841 $957 $1,068 $1,144 $588 $675
Arkansas $731 $798 $814 $942 $914 $929 $828 $976 $1,041 $1,163 $573 $691
California $802 $794 $885 $939 $1,021 $955 $876 $975 $1,129 $1,177 $620 $689
Colorado $725 $737 $804 $876 $907 $869 $814 $909 $1,026 $1,092 $568 $634
Connecticut $743 $784 $825 $928 $932 $942 $835 $964 $1,055 $1,162 $581 $680
Delaware $721 $715 $798 $850 $905 $842 $804 $881 $1,017 $1,059 $565 $615
District of Columbia $754 $785 $836 $928 $949 $920 $842 $962 $1,068 $1,150 $588 $679
Florida $742 $781 $824 $924 $930 $913 $834 $958 $1,053 $1,145 $580 $675
Georgia $719 $789 $799 $930 $897 $921 $813 $963 $1,021 $1,147 $565 $685
Hawaii $772 $844 $853 $985 $979 $1,028 $848 $1,023 $1,087 $1,230 $600 $746
Idaho $752 $787 $834 $930 $945 $914 $840 $963 $1,065 $1,148 $587 $680
Illinois $755 $795 $837 $938 $950 $931 $843 $972 $1,069 $1,161 $589 $688
Indiana $744 $804 $827 $948 $933 $941 $838 $983 $1,057 $1,173 $582 $697
Iowa $733 $789 $815 $932 $917 $923 $828 $966 $1,042 $1,154 $574 $683
Kansas $731 $795 $814 $939 $914 $930 $828 $973 $1,041 $1,162 $573 $688
Kentucky $731 $779 $813 $922 $914 $911 $827 $956 $1,040 $1,142 $573 $673
Louisiana $726 $769 $807 $910 $907 $898 $819 $943 $1,030 $1,126 $569 $664
Maine $743 $767 $824 $909 $932 $912 $833 $944 $1,053 $1,136 $581 $662
Maryland $745 $785 $827 $928 $935 $920 $836 $962 $1,057 $1,150 $582 $679
Massachusetts $745 $783 $827 $927 $935 $944 $837 $963 $1,057 $1,163 $582 $680
Michigan $745 $807 $828 $951 $936 $954 $836 $986 $1,057 $1,179 $583 $703
Minnesota $736 $797 $819 $941 $921 $934 $832 $975 $1,047 $1,165 $577 $690
Mississippi $733 $798 $816 $943 $917 $931 $831 $977 $1,044 $1,165 $575 $691
Missouri $722 $776 $803 $916 $902 $905 $816 $949 $1,026 $1,133 $567 $671
Montana $719 $745 $796 $880 $901 $869 $802 $912 $1,013 $1,088 $563 $645
Nebraska $732 $781 $814 $923 $916 $910 $826 $956 $1,040 $1,141 $574 $674
Nevada $777 $784 $860 $928 $984 $916 $859 $962 $1,098 $1,150 $604 $677
New Hampshire $718 $773 $795 $908 $900 $920 $802 $942 $1,013 $1,128 $563 $676
New Jersey $748 $692 $831 $827 $939 $830 $839 $860 $1,061 $1,042 $584 $594
New Mexico $736 $781 $818 $923 $923 $917 $828 $957 $1,044 $1,144 $576 $676
New York $741 $766 $822 $907 $931 $916 $828 $942 $1,048 $1,134 $579 $664
North Carolina $729 $783 $810 $925 $912 $913 $822 $958 $1,035 $1,142 $572 $678
North Dakota $731 $781 $812 $923 $914 $910 $824 $956 $1,037 $1,140 $573 $676
Ohio $735 $799 $817 $941 $920 $933 $829 $975 $1,044 $1,163 $576 $693
Oklahoma $724 $773 $805 $914 $905 $905 $818 $948 $1,029 $1,133 $568 $669
Oregon $737 $734 $814 $869 $929 $858 $814 $900 $1,036 $1,076 $575 $633
Pennsylvania $750 $776 $832 $919 $942 $913 $839 $954 $1,062 $1,143 $585 $670
Rhode Island $747 $820 $830 $965 $937 $980 $840 $1,001 $1,061 $1,202 $584 $716
South Carolina $732 $790 $814 $933 $915 $925 $827 $967 $1,040 $1,155 $574 $684
South Dakota $731 $773 $812 $914 $915 $905 $822 $948 $1,037 $1,132 $573 $669
Tennessee $738 $792 $821 $936 $924 $923 $834 $970 $1,050 $1,158 $578 $684
Texas $732 $748 $815 $891 $916 $881 $828 $925 $1,042 $1,113 $574 $641
Utah $749 $777 $830 $919 $943 $905 $835 $952 $1,060 $1,135 $585 $671
Vermont $746 $805 $828 $948 $936 $956 $836 $983 $1,058 $1,179 $583 $700
Virginia $732 $777 $812 $918 $917 $908 $822 $951 $1,037 $1,136 $573 $673
Washington $763 $754 $846 $889 $963 $875 $849 $920 $1,080 $1,095 $594 $653
West Virginia $738 $798 $820 $941 $925 $931 $831 $975 $1,048 $1,162 $578 $692
Wisconsin $731 $792 $813 $934 $915 $930 $824 $968 $1,038 $1,156 $573 $687
Wyoming $734 $784 $814 $924 $920 $912 $823 $957 $1,039 $1,140 $574 $679
Monthly Ownership Cost during Financing Term without Federal Tax Credits
States
2022 Hyundai Kona
2022 Hyundai Kona
2022 Ford F-150
2022 Kia Niro
2022 Volvo XC40
2022 Nissan
8
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Table 5: Monthly Ownership Costs by Vehicle with a $10,000 Federal Tax Credit
Annual Ownership Costs
Over the course of a year, savings can add up to thousands of dollars. The Hyundai Electric SEL is nearly
$800 less a year than the gasoline version, and the Ford F-150 Lightning Pro is nearly $1,400 less a year.
Though it varies by vehicle make, model, and state, consumers purchasing an EV instead of a gasoline model
frequently begin accruing substantial savings from their day the car is driven off the lot. Table 6 shows
annual ownership costs by vehicle and state.
SEL Electric SEL Limited Electric Limited XL Lightning Pro EX Premium EV EX Premium Inscription Recharge Plus Versa S Xtronic CVT LEAF
Alabama $724 $651 $804 $791 $905 $784 $816 $825 $1,027 $1,010 $568 $547
Alaska $736 $643 $813 $778 $927 $796 $813 $813 $1,035 $1,002 $575 $546
Arizona $755 $642 $836 $784 $950 $775 $841 $818 $1,068 $1,005 $588 $536
Arkansas $731 $659 $814 $803 $914 $791 $828 $837 $1,041 $1,024 $573 $552
California $802 $655 $885 $800 $1,021 $816 $876 $836 $1,129 $1,038 $620 $550
Colorado $725 $598 $804 $737 $907 $730 $814 $770 $1,026 $953 $568 $495
Connecticut $743 $645 $825 $789 $932 $803 $835 $825 $1,055 $1,024 $581 $541
Delaware $721 $576 $798 $711 $905 $703 $804 $743 $1,017 $920 $565 $476
District of Columbia $754 $646 $836 $789 $949 $781 $842 $823 $1,068 $1,011 $588 $540
Florida $742 $642 $824 $785 $930 $775 $834 $819 $1,053 $1,006 $580 $536
Georgia $719 $651 $799 $791 $897 $783 $813 $824 $1,021 $1,009 $565 $546
Hawaii $772 $705 $853 $846 $979 $889 $848 $884 $1,087 $1,091 $600 $607
Idaho $752 $648 $834 $791 $945 $776 $840 $824 $1,065 $1,009 $587 $541
Illinois $755 $656 $837 $799 $950 $792 $843 $833 $1,069 $1,022 $589 $549
Indiana $744 $665 $827 $809 $933 $802 $838 $844 $1,057 $1,034 $582 $558
Iowa $733 $650 $815 $793 $917 $784 $828 $827 $1,042 $1,015 $574 $544
Kansas $731 $656 $814 $800 $914 $792 $828 $834 $1,041 $1,023 $573 $549
Kentucky $731 $640 $813 $783 $914 $772 $827 $817 $1,040 $1,004 $573 $534
Louisiana $726 $630 $807 $771 $907 $759 $819 $804 $1,030 $988 $569 $525
Maine $743 $628 $824 $770 $932 $773 $833 $805 $1,053 $997 $581 $523
Maryland $745 $646 $827 $789 $935 $781 $836 $823 $1,057 $1,011 $582 $540
Massachusetts $745 $645 $827 $788 $935 $805 $837 $825 $1,057 $1,024 $582 $541
Michigan $745 $669 $828 $812 $936 $815 $836 $847 $1,057 $1,040 $583 $564
Minnesota $736 $658 $819 $802 $921 $795 $832 $837 $1,047 $1,027 $577 $551
Mississippi $733 $659 $816 $804 $917 $792 $831 $838 $1,044 $1,026 $575 $552
Missouri $722 $637 $803 $777 $902 $766 $816 $810 $1,026 $994 $567 $532
Montana $719 $606 $796 $741 $901 $731 $802 $773 $1,013 $949 $563 $506
Nebraska $732 $642 $814 $784 $916 $771 $826 $817 $1,040 $1,002 $574 $535
Nevada $777 $645 $860 $789 $984 $777 $859 $823 $1,098 $1,011 $604 $538
New Hampshire $718 $634 $795 $769 $900 $781 $802 $803 $1,013 $989 $563 $537
New Jersey $748 $553 $831 $689 $939 $691 $839 $721 $1,061 $903 $584 $455
New Mexico $736 $642 $818 $784 $923 $778 $828 $818 $1,044 $1,006 $576 $537
New York $741 $628 $822 $768 $931 $777 $828 $803 $1,048 $995 $579 $525
North Carolina $729 $644 $810 $786 $912 $774 $822 $819 $1,035 $1,003 $572 $539
North Dakota $731 $643 $812 $784 $914 $771 $824 $818 $1,037 $1,001 $573 $537
Ohio $735 $660 $817 $803 $920 $794 $829 $837 $1,044 $1,024 $576 $554
Oklahoma $724 $634 $805 $776 $905 $766 $818 $809 $1,029 $994 $568 $530
Oregon $737 $595 $814 $730 $929 $719 $814 $761 $1,036 $938 $575 $495
Pennsylvania $750 $637 $832 $781 $942 $775 $839 $815 $1,062 $1,004 $585 $532
Rhode Island $747 $681 $830 $826 $937 $841 $840 $863 $1,061 $1,063 $584 $577
South Carolina $732 $651 $814 $794 $915 $786 $827 $828 $1,040 $1,016 $574 $545
South Dakota $731 $634 $812 $776 $915 $766 $822 $809 $1,037 $994 $573 $530
Tennessee $738 $653 $821 $798 $924 $785 $834 $831 $1,050 $1,019 $578 $545
Texas $732 $609 $815 $752 $916 $742 $828 $786 $1,042 $974 $574 $502
Utah $749 $638 $830 $780 $943 $766 $835 $813 $1,060 $996 $585 $533
Vermont $746 $666 $828 $809 $936 $817 $836 $845 $1,058 $1,040 $583 $561
Virginia $732 $638 $812 $779 $917 $769 $822 $812 $1,037 $997 $573 $534
Washington $763 $615 $846 $750 $963 $736 $849 $781 $1,080 $956 $594 $514
West Virginia $738 $659 $820 $802 $925 $792 $831 $836 $1,048 $1,023 $578 $553
Wisconsin $731 $653 $813 $795 $915 $791 $824 $829 $1,038 $1,017 $573 $549
Wyoming $734 $645 $814 $785 $920 $773 $823 $818 $1,039 $1,001 $574 $540
2022 Hyundai Kona
2022 Ford F-150
2022 Kia Niro
2022 Volvo XC40
2022 Nissan
Monthly Ownership Cost during Financing Term with $10,000 Federal Tax Credit
States
2022 Hyundai Kona
9
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Table 6: Annual Ownership Costs by Vehicle
Total Cost of Ownership
The analysis above focuses on monthly costs during the financing term, which includes monthly loan
repayment. However, after a vehicle loan is paid off, monthly savings for EVs grow dramatically. For
example, Table 7 below shows monthly ownership costs after loan repayment. At this point, consumers
save on average anywhere from $1,500 to $2,000 per year, with some vehicle-state combinations as high
as $3,000 per year.
SEL Electric SEL Limited Electric Limited XL Lightning Pro EX Premium EV EX Premium Inscription Recharge Plus Versa S Xtronic CVT LEAF
Alabama $8,683 $8,229 $9,650 $9,914 $10,855 $9,828 $9,795 $10,315 $12,322 $12,533 $6,813 $6,982
Alaska $8,830 $8,137 $9,759 $9,758 $11,125 $9,975 $9,759 $10,169 $12,416 $12,435 $6,896 $6,972
Arizona $9,054 $8,115 $10,037 $9,826 $11,402 $9,718 $10,091 $10,232 $12,814 $12,475 $7,061 $6,846
Arkansas $8,774 $8,327 $9,766 $10,052 $10,966 $9,903 $9,938 $10,458 $12,489 $12,702 $6,881 $7,042
California $9,624 $8,275 $10,623 $10,012 $12,252 $10,209 $10,518 $10,454 $13,551 $12,868 $7,438 $7,017
Colorado $8,696 $7,591 $9,652 $9,258 $10,887 $9,178 $9,768 $9,655 $12,314 $11,851 $6,818 $6,358
Connecticut $8,913 $8,159 $9,903 $9,882 $11,179 $10,052 $10,024 $10,317 $12,657 $12,700 $6,971 $6,909
Delaware $8,653 $7,324 $9,581 $8,945 $10,855 $8,859 $9,644 $9,328 $12,198 $11,459 $6,780 $6,127
District of Columbia $9,048 $8,165 $10,034 $9,882 $11,388 $9,790 $10,100 $10,291 $12,815 $12,550 $7,058 $6,892
Florida $8,901 $8,121 $9,888 $9,838 $11,165 $9,712 $10,004 $10,244 $12,635 $12,487 $6,962 $6,844
Georgia $8,626 $8,223 $9,593 $9,908 $10,769 $9,808 $9,759 $10,308 $12,252 $12,519 $6,776 $6,974
Hawaii $9,268 $8,879 $10,236 $10,564 $11,747 $11,089 $10,178 $11,022 $13,043 $13,512 $7,195 $7,697
Idaho $9,019 $8,188 $10,006 $9,906 $11,344 $9,724 $10,081 $10,306 $12,780 $12,525 $7,039 $6,906
Illinois $9,057 $8,286 $10,046 $10,008 $11,400 $9,917 $10,115 $10,418 $12,832 $12,683 $7,065 $7,010
Indiana $8,926 $8,395 $9,922 $10,129 $11,191 $10,042 $10,054 $10,542 $12,687 $12,825 $6,981 $7,110
Iowa $8,792 $8,215 $9,779 $9,932 $10,999 $9,828 $9,933 $10,340 $12,500 $12,594 $6,891 $6,941
Kansas $8,776 $8,290 $9,768 $10,016 $10,968 $9,915 $9,939 $10,426 $12,491 $12,692 $6,882 $7,011
Kentucky $8,774 $8,101 $9,761 $9,818 $10,971 $9,677 $9,921 $10,223 $12,478 $12,459 $6,879 $6,823
Louisiana $8,707 $7,978 $9,679 $9,671 $10,887 $9,521 $9,826 $10,068 $12,362 $12,267 $6,830 $6,719
Maine $8,911 $7,952 $9,893 $9,662 $11,185 $9,689 $9,994 $10,080 $12,636 $12,381 $6,967 $6,699
Maryland $8,940 $8,165 $9,927 $9,883 $11,224 $9,790 $10,030 $10,292 $12,682 $12,550 $6,987 $6,893
Massachusetts $8,941 $8,152 $9,930 $9,873 $11,222 $10,076 $10,038 $10,311 $12,689 $12,706 $6,989 $6,907
Michigan $8,944 $8,439 $9,931 $10,157 $11,230 $10,197 $10,032 $10,578 $12,687 $12,895 $6,990 $7,180
Minnesota $8,831 $8,310 $9,826 $10,042 $11,047 $9,954 $9,987 $10,455 $12,567 $12,735 $6,919 $7,027
Mississippi $8,800 $8,326 $9,796 $10,060 $10,998 $9,921 $9,971 $10,469 $12,531 $12,729 $6,899 $7,036
Missouri $8,667 $8,056 $9,637 $9,745 $10,828 $9,610 $9,793 $10,142 $12,308 $12,343 $6,803 $6,801
Montana $8,622 $7,689 $9,551 $9,310 $10,808 $9,184 $9,623 $9,689 $12,160 $11,802 $6,760 $6,488
Nebraska $8,781 $8,116 $9,763 $9,826 $10,988 $9,666 $9,910 $10,226 $12,476 $12,444 $6,882 $6,843
Nevada $9,328 $8,157 $10,323 $9,889 $11,806 $9,743 $10,311 $10,296 $13,179 $12,550 $7,244 $6,868
New Hampshire $8,617 $8,029 $9,546 $9,650 $10,800 $9,785 $9,620 $10,054 $12,154 $12,283 $6,757 $6,856
New Jersey $8,973 $7,058 $9,966 $8,679 $11,268 $8,708 $10,072 $9,073 $12,737 $11,255 $7,011 $5,873
New Mexico $8,833 $8,126 $9,812 $9,829 $11,072 $9,755 $9,931 $10,236 $12,532 $12,483 $6,915 $6,866
New York $8,891 $7,947 $9,859 $9,633 $11,173 $9,739 $9,932 $10,051 $12,579 $12,355 $6,949 $6,721
North Carolina $8,750 $8,147 $9,724 $9,844 $10,948 $9,707 $9,864 $10,243 $12,421 $12,455 $6,859 $6,885
North Dakota $8,768 $8,127 $9,745 $9,828 $10,973 $9,670 $9,884 $10,227 $12,449 $12,434 $6,872 $6,860
Ohio $8,821 $8,334 $9,805 $10,048 $11,046 $9,946 $9,944 $10,455 $12,531 $12,703 $6,909 $7,064
Oklahoma $8,690 $8,030 $9,663 $9,724 $10,861 $9,611 $9,817 $10,124 $12,343 $12,341 $6,820 $6,774
Oregon $8,845 $7,552 $9,773 $9,173 $11,147 $9,049 $9,769 $9,553 $12,434 $11,667 $6,906 $6,351
Pennsylvania $8,994 $8,066 $9,981 $9,784 $11,306 $9,711 $10,065 $10,194 $12,749 $12,462 $7,023 $6,795
Rhode Island $8,965 $8,594 $9,961 $10,328 $11,250 $10,509 $10,079 $10,767 $12,734 $13,169 $7,007 $7,338
South Carolina $8,780 $8,227 $9,767 $9,944 $10,980 $9,853 $9,925 $10,353 $12,485 $12,613 $6,883 $6,954
South Dakota $8,770 $8,030 $9,743 $9,723 $10,983 $9,610 $9,869 $10,123 $12,441 $12,340 $6,872 $6,774
Tennessee $8,855 $8,253 $9,851 $9,987 $11,082 $9,831 $10,007 $10,395 $12,599 $12,646 $6,935 $6,961
Texas $8,789 $7,723 $9,778 $9,444 $10,991 $9,318 $9,939 $9,851 $12,502 $12,100 $6,889 $6,443
Utah $8,988 $8,074 $9,964 $9,773 $11,311 $9,605 $10,023 $10,170 $12,717 $12,370 $7,015 $6,808
Vermont $8,947 $8,408 $9,933 $10,125 $11,234 $10,218 $10,034 $10,552 $12,690 $12,893 $6,992 $7,155
Virginia $8,779 $8,076 $9,749 $9,766 $10,998 $9,650 $9,868 $10,165 $12,447 $12,376 $6,877 $6,822
Washington $9,161 $7,793 $10,153 $9,414 $11,555 $9,253 $10,191 $9,790 $12,965 $11,887 $7,133 $6,588
West Virginia $8,855 $8,326 $9,842 $10,044 $11,095 $9,922 $9,974 $10,450 $12,578 $12,696 $6,932 $7,051
Wisconsin $8,773 $8,254 $9,750 $9,956 $10,981 $9,910 $9,888 $10,364 $12,455 $12,622 $6,875 $6,999
Wyoming $8,803 $8,155 $9,771 $9,840 $11,039 $9,697 $9,874 $10,235 $12,471 $12,428 $6,892 $6,902
2022 Volvo XC40
2022 Nissan
Annual Ownership Cost during Financing Term
States
2022 Hyundai Kona
2022 Hyundai Kona
2022 Ford F-150
2022 Kia Niro
10
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Table 7: Monthly Ownership Cost by Vehicle after Loan Repayment
Because EVs are so much more efficient with significantly lower maintenance costs, vehicle TCO over
average lifetimes are significantly lower today for EVs than for gasoline vehicles. Table 8 below shows TCO
during the vehicle lifetime, estimated at 12 years based on national data,
26
and Figure 6 compares average
national TCO across each pair of vehicle comparisons.
Even though EVs are often cheaper to own on a monthly basis even during loan repayment and much lower
on a TCO basis higher purchase costs can dissuade potential EV owners from purchasing. Better
understanding around the costs of EV ownership is needed to overcome this information barrier.
SEL Electric SEL Limited Electric Limited XL Lightning Pro EX Premium EV EX Premium Inscription Recharge Plus Versa S Xtronic CVT LEAF
Alabama $363 $257 $370 $267 $443 $298 $327 $273 $416 $300 $307 $252
Alaska $391 $272 $398 $282 $486 $336 $345 $290 $451 $328 $326 $269
Arizona $388 $238 $394 $249 $481 $278 $343 $254 $447 $281 $324 $234
Arkansas $361 $251 $368 $261 $440 $287 $326 $267 $414 $292 $306 $246
California $429 $281 $435 $291 $543 $346 $370 $299 $497 $337 $350 $279
Colorado $369 $245 $375 $255 $451 $285 $331 $260 $423 $288 $311 $240
Connecticut $373 $269 $380 $279 $458 $332 $334 $287 $428 $324 $314 $267
Delaware $376 $238 $383 $249 $463 $278 $336 $254 $432 $281 $316 $234
District of Columbia $386 $240 $392 $251 $478 $281 $342 $256 $444 $284 $322 $236
Florida $374 $237 $380 $247 $459 $275 $334 $252 $429 $278 $314 $232
Georgia $359 $256 $365 $267 $436 $296 $324 $272 $410 $299 $304 $252
Hawaii $412 $311 $418 $321 $518 $403 $359 $332 $476 $382 $339 $312
Idaho $383 $242 $390 $253 $474 $276 $340 $257 $441 $282 $321 $237
Illinois $386 $249 $392 $259 $477 $290 $342 $265 $444 $293 $322 $244
Indiana $372 $254 $378 $264 $456 $296 $333 $270 $427 $298 $313 $249
Iowa $365 $245 $371 $255 $445 $284 $328 $260 $418 $287 $308 $240
Kansas $361 $248 $368 $258 $440 $288 $326 $264 $414 $291 $306 $243
Kentucky $363 $235 $369 $245 $443 $272 $327 $251 $416 $276 $307 $230
Louisiana $364 $233 $370 $244 $444 $269 $327 $249 $417 $274 $308 $228
Maine $376 $253 $383 $263 $463 $304 $336 $270 $432 $302 $316 $250
Maryland $377 $240 $383 $251 $464 $281 $336 $256 $433 $284 $316 $236
Massachusetts $376 $273 $382 $283 $463 $338 $335 $291 $432 $329 $316 $271
Michigan $377 $263 $384 $273 $465 $315 $336 $280 $433 $312 $317 $260
Minnesota $364 $248 $371 $258 $445 $289 $328 $264 $418 $291 $308 $243
Mississippi $361 $248 $368 $258 $440 $286 $326 $264 $414 $290 $306 $243
Missouri $361 $241 $367 $251 $440 $278 $326 $257 $413 $282 $306 $236
Montana $374 $234 $380 $244 $459 $270 $334 $250 $429 $275 $314 $229
Nebraska $366 $239 $372 $249 $447 $274 $329 $254 $419 $279 $309 $234
Nevada $406 $235 $412 $245 $508 $272 $355 $250 $469 $276 $335 $230
New Hampshire $374 $263 $380 $273 $459 $320 $334 $280 $429 $315 $314 $260
New Jersey $377 $251 $384 $261 $465 $300 $336 $268 $433 $299 $317 $247
New Mexico $371 $242 $378 $252 $456 $284 $332 $258 $426 $286 $313 $237
New York $381 $261 $387 $271 $470 $318 $338 $279 $438 $313 $319 $258
North Carolina $366 $246 $372 $256 $447 $283 $329 $261 $419 $287 $309 $241
North Dakota $366 $243 $373 $253 $448 $278 $329 $258 $420 $283 $310 $237
Ohio $368 $256 $374 $266 $450 $296 $330 $272 $422 $299 $311 $251
Oklahoma $362 $238 $368 $248 $441 $276 $326 $253 $415 $280 $307 $233
Oregon $392 $244 $399 $254 $488 $280 $346 $259 $452 $284 $327 $238
Pennsylvania $381 $243 $388 $253 $471 $285 $339 $259 $438 $287 $319 $238
Rhode Island $375 $271 $381 $281 $461 $335 $335 $289 $431 $326 $315 $268
South Carolina $364 $246 $370 $256 $444 $286 $327 $261 $417 $289 $308 $241
South Dakota $369 $237 $375 $248 $451 $276 $331 $253 $423 $280 $311 $233
Tennessee $366 $242 $372 $252 $447 $278 $329 $258 $419 $283 $309 $237
Texas $363 $237 $370 $247 $443 $275 $327 $252 $416 $279 $308 $232
Utah $385 $239 $392 $249 $477 $273 $342 $254 $443 $279 $322 $234
Vermont $377 $261 $384 $271 $465 $317 $336 $278 $434 $312 $317 $258
Virginia $370 $242 $377 $253 $454 $281 $332 $258 $425 $284 $312 $237
Washington $393 $243 $400 $253 $489 $276 $347 $258 $453 $282 $327 $237
West Virginia $370 $254 $376 $264 $453 $292 $331 $269 $424 $296 $312 $249
Wisconsin $367 $253 $373 $264 $449 $298 $329 $270 $421 $299 $310 $249
Wyoming $373 $251 $380 $261 $459 $287 $334 $266 $429 $291 $314 $245
Monthly Ownership Cost after Financing Term
States
2022 Hyundai Kona
2022 Hyundai Kona
2022 Ford F-150
2022 Kia Niro
2022 Volvo XC40
2022 Nissan
11
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Table 8: Total Cost of Ownership during Vehicle Lifetime
SEL Electric SEL Limited Electric Limited XL Lightning Pro EX Premium EV EX Premium Inscription Recharge Plus Versa S Xtronic CVT LEAF
Alabama $60,729 $54,522 $66,497 $64,095 $75,368 $64,898 $66,247 $66,777 $83,174 $80,035 $48,461 $47,173
Alaska $62,443 $54,350 $68,016 $63,597 $78,212 $66,760 $66,699 $66,411 $84,845 $80,281 $49,515 $47,503
Arizona $63,459 $53,091 $69,306 $62,794 $79,437 $63,438 $68,297 $65,497 $86,711 $78,859 $50,270 $45,623
Arkansas $61,117 $54,813 $67,007 $64,589 $75,816 $64,920 $66,918 $67,283 $83,927 $80,605 $48,755 $47,255
California $67,758 $55,138 $73,685 $64,976 $85,892 $68,060 $71,380 $67,943 $92,183 $82,572 $53,105 $47,825
Colorado $60,982 $50,409 $66,697 $59,893 $75,819 $60,730 $66,229 $62,554 $83,366 $75,706 $48,609 $43,133
Connecticut $62,237 $54,102 $68,120 $63,867 $77,532 $66,731 $67,624 $66,793 $85,289 $81,226 $49,485 $46,823
Delaware $61,037 $48,801 $66,610 $58,048 $76,069 $58,806 $65,781 $60,638 $83,114 $73,437 $48,597 $41,699
District of Columbia $63,353 $53,408 $69,219 $63,143 $79,253 $63,919 $68,295 $65,867 $86,625 $79,332 $50,208 $45,929
Florida $62,191 $53,056 $68,057 $62,792 $77,482 $63,298 $67,536 $65,491 $85,194 $78,836 $49,449 $45,549
Georgia $60,281 $54,489 $66,049 $64,062 $74,686 $64,750 $65,954 $66,733 $82,624 $79,940 $48,168 $47,127
Hawaii $65,378 $59,515 $71,147 $69,088 $82,453 $74,745 $69,283 $72,224 $88,897 $87,641 $51,497 $52,680
Idaho $63,126 $53,745 $68,992 $63,481 $78,907 $63,548 $68,146 $66,139 $86,345 $79,288 $50,059 $46,191
Illinois $63,396 $54,429 $69,274 $64,185 $79,303 $64,982 $68,364 $66,916 $86,705 $80,418 $50,240 $46,937
Indiana $62,251 $55,202 $68,166 $65,019 $77,515 $65,854 $67,742 $67,771 $85,378 $81,372 $49,504 $47,666
Iowa $61,326 $53,875 $67,192 $63,611 $76,163 $64,295 $66,971 $66,326 $84,129 $79,750 $48,884 $46,386
Kansas $61,130 $54,416 $67,021 $64,192 $75,836 $64,910 $66,926 $66,922 $83,944 $80,416 $48,764 $46,899
Kentucky $61,182 $52,899 $67,048 $62,635 $75,944 $63,021 $66,877 $65,322 $83,953 $78,614 $48,790 $45,379
Louisiana $60,862 $52,229 $66,652 $61,838 $75,546 $62,143 $66,409 $64,484 $83,388 $77,569 $48,555 $44,798
Maine $62,336 $52,540 $68,178 $62,235 $77,732 $63,957 $67,547 $65,036 $85,318 $78,867 $49,535 $45,193
Maryland $62,498 $53,411 $68,364 $63,147 $77,950 $63,924 $67,736 $65,871 $85,572 $79,336 $49,649 $45,932
Massachusetts $62,471 $54,158 $68,349 $63,914 $77,893 $67,032 $67,760 $66,862 $85,566 $81,397 $49,635 $46,912
Michigan $62,532 $55,691 $68,398 $65,427 $78,001 $67,258 $67,758 $68,249 $85,614 $82,184 $49,671 $48,324
Minnesota $61,513 $54,471 $67,422 $64,278 $76,398 $65,105 $67,239 $67,026 $84,456 $80,610 $49,020 $46,942
Mississippi $61,249 $54,659 $67,164 $64,476 $75,988 $64,896 $67,087 $67,189 $84,145 $80,605 $48,850 $47,079
Missouri $60,575 $52,971 $66,354 $62,562 $75,121 $62,979 $66,184 $65,213 $83,010 $78,324 $48,364 $45,566
Montana $60,793 $50,793 $66,366 $60,041 $75,697 $60,484 $65,621 $62,601 $82,814 $75,260 $48,437 $43,658
Nebraska $61,308 $53,200 $67,149 $62,895 $76,164 $63,133 $66,875 $65,558 $84,052 $78,728 $48,864 $45,696
Nevada $65,465 $53,183 $71,373 $62,988 $82,422 $63,355 $69,816 $65,692 $89,318 $79,068 $51,601 $45,607
New Hampshire $60,753 $53,496 $66,326 $62,744 $75,636 $65,254 $65,595 $65,497 $82,765 $79,075 $48,411 $46,580
New Jersey $62,680 $47,593 $68,576 $56,840 $78,190 $58,513 $67,959 $59,515 $85,864 $72,721 $49,778 $40,588
New Mexico $61,773 $53,266 $67,597 $62,931 $76,895 $63,841 $67,117 $65,648 $84,584 $79,077 $49,162 $45,857
New York $62,385 $52,790 $68,154 $62,364 $77,893 $64,693 $67,329 $65,188 $85,213 $79,125 $49,543 $45,603
North Carolina $61,160 $53,647 $66,965 $63,282 $75,983 $63,690 $66,654 $65,944 $83,788 $79,108 $48,755 $46,209
North Dakota $61,269 $53,431 $67,087 $63,086 $76,135 $63,329 $66,767 $65,738 $83,950 $78,856 $48,830 $45,959
Ohio $61,591 $55,018 $67,445 $64,734 $76,581 $65,430 $67,102 $67,445 $84,428 $80,847 $49,052 $47,547
Oklahoma $60,723 $52,632 $66,516 $62,245 $75,332 $62,844 $66,327 $64,920 $83,223 $78,141 $48,466 $45,229
Oregon $62,560 $50,369 $68,133 $59,616 $78,390 $60,079 $66,775 $62,178 $84,989 $74,846 $49,591 $43,236
Pennsylvania $62,929 $52,894 $68,795 $62,629 $78,606 $63,563 $68,018 $65,368 $86,103 $78,903 $49,931 $45,432
Rhode Island $62,558 $56,623 $68,473 $66,440 $77,983 $69,397 $67,942 $69,390 $85,756 $83,935 $49,705 $49,313
South Carolina $61,229 $53,965 $67,095 $63,701 $76,016 $64,488 $66,907 $66,426 $84,010 $79,895 $48,820 $46,487
South Dakota $61,358 $52,625 $67,151 $62,239 $76,299 $62,833 $66,741 $64,913 $84,004 $78,132 $48,880 $45,222
Tennessee $61,686 $54,026 $67,601 $63,843 $76,655 $64,123 $67,373 $66,543 $84,683 $79,897 $49,135 $46,431
Texas $61,265 $50,752 $67,143 $60,508 $76,056 $61,022 $66,973 $63,213 $84,082 $76,589 $48,848 $43,230
Utah $63,041 $53,006 $68,851 $62,649 $78,843 $62,815 $67,899 $65,290 $86,114 $78,358 $49,985 $45,536
Vermont $62,552 $55,335 $68,418 $65,071 $78,031 $67,320 $67,771 $67,932 $85,638 $82,053 $49,684 $48,012
Virginia $61,454 $53,101 $67,237 $62,698 $76,457 $63,270 $66,771 $65,366 $84,101 $78,553 $48,940 $45,708
Washington $64,187 $51,783 $70,077 $61,031 $80,494 $61,195 $68,922 $63,565 $87,705 $76,100 $50,760 $44,618
West Virginia $61,827 $54,908 $67,693 $64,644 $76,927 $65,186 $67,298 $67,346 $84,746 $80,707 $49,211 $47,404
Wisconsin $61,313 $54,418 $67,130 $64,073 $76,201 $65,209 $66,795 $66,808 $84,003 $80,324 $48,859 $47,041
Wyoming $61,687 $53,932 $67,456 $63,505 $76,829 $63,857 $66,873 $66,145 $84,354 $79,202 $49,087 $46,535
Total Cost of Ownership over 12 Years
States
2022 Hyundai Kona
2022 Hyundai Kona
2022 Ford F-150
2022 Kia Niro
2022 Volvo XC40
2022 Nissan
12
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
Figure 6: National Average Total Cost of Ownership over Vehicle Lifetime
CONCLUSION
Many studies show that operating costs and TCO are lower for EVs. But the more relevant factor in
influencing consumer decision-making at the time of purchase is the monthly cost of paying for and owning
an EV during a period of loan repayment.
Today, EVs have higher upfront prices, leading some consumers to think owning an EV is only available to
higher-income earners. Failure to translate purchase price differences to monthly loan repayment costs
also makes purchase price differences seem greater, especially when combined with fuel and maintenance
savings. However, in many states and across multiple vehicle models today, it is cheaper to buy an EV than
a gasoline vehicle.
This analysis is good news for consumers who want protection from high oil prices, but EVs should be
available to all Americans looking to purchase a new car. The EV incentives currently under consideration
in Congress would help ensure millions more American drivers can access EVs to help families deal with
pain at the pump in nearly every state.
These impressive consumer savings are contingent on continued federal support for EV adoption, in
particular the federal tax credit of at least $7,500. GM and Tesla have already exceeded the sales cap under
this program, and Nissan and Ford will likely hit the cap this year. Without this incentive, it would cost
consumers more per month during loan repayment to purchase an EV for nearly all vehicle-state
comparisons we evaluated.
Gas
Gas
Gas
Gas
Gas
Gas
EV
EV
EV
EV
EV
EV
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
Hyundai
Kona SEL
Hyunda
Kona Limited
Ford F-150 Kia Niro EX Volvo XC40 Nissan Versa
- LEAF
Lifetime Ownership Costs ($)
National Average Total Cost of Ownership
13
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
EV purchase costs will continue to decline over time, making their economic case even stronger.
Furthermore, because electricity prices are subject to state utility regulation, they tend to change slowly
over time, but gasoline prices are highly variable and dependent on global oil markets and volatile
geopolitics. As more Americans grapple with the high price of gasoline, continued federal policy support
for EVs will help get more people driving EVs and reaping savings the minute they drive off the lot.
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2
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3
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4
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6
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20
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21
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14
EI | MOST ELECTRIC VEHICLES ARE CHEAPER TO OWN OFF THE LOT THAN GAS CARS
22
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