New Report: Owning an Electric Car Can Save You $1,000+ a Year

Couple buying an electric vehicle
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If you’re thinking about buying a car, a new report indicates that you’ll pay way less per year for an electric vehicle (EV) than a gas-powered one.

The figures from a recent survey from AAA (the American Automobile Association) are the latest data showing that motorists can save a ton of money if they get an electric vehicle over a gas-powered one.

AAA: EVs Cheaper to Drive Than Gas-Power Cars

AAA broke down yearly costs with two factors: fuel and maintenance. Maintenance includes things like tires and repairs. Here are the yearly comparisons:

Type of VehicleAverage Yearly Fuel CostAverage Yearly Maintenance CostTotal Average Yearly Fuel & Maintenance Cost
Gas-Powered Car$1,255 $1,279$2,534
Electric Vehicle$546$949$1,498

As you can see from the table, those are some big savings for EV drivers.

When it comes to maintenance costs based on the manufacturer’s recommendations, EVs cost $330 less than gas-powered vehicles yearly. For fuel, EVs save a whopping $709 a year.

One thing that may deter prospective electric vehicle purchasers is range anxiety — or fear of running out of power on a trip. But AAA’s study showed that 95% of EV drivers report never having run out of a charge while driving.

As someone who has had an electric vehicle for years, here are some other reasons I’ve observed that an electric car is cheaper.

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