Electric vehicles might actually cost less than regular fuel combustion cars when it comes to long-term use, according to automotive research firm J.D. Power via Automotive News.
Researchers found that EVs, across many US states, offer lower expenses in the next five years as compared to their fuel-powered predecessors.
The reason can be pointed to the additional taxes, expenses, and insurance fuel combustion car owners needed to pay on top of the purchasing price of their vehicles.
EV Owners Receive More Tax Incentives Over Fuel Combustion Car Drivers
EVs, however, often receive incentives and tax exemptions from state laws to offer lower overall costs in the years to come.
In New Jersey alone, EV drivers can save up to $10,000 in five years as compared to the expenses that will pile up for traditional car owners.
With the exception of West Virginia and Maine, other states offer car owners thousands of dollars saved if they switch to EVs.
Electricity Bills Remain an Issue
While EV drivers may save a lot of money from state tax exemptions and deductions, growing electric bills would remain a challenge for many living in some parts of the US.
In the same report, Automotive News noted that EV owners in the northeast region of the country are likely to spend more in availing an electric car over fuel combustion engines.
Even drivers in other parts of the country may feel these issues as the US enters a period of high energy demand despite power instability brought by its transition from coal and fossil fuel to renewable energy sources.
One likely impact would be utility price hikes for electricity, including the service fees for EV charging ports.
Related Article : 5 Things to Consider Before Buying an Electric Vehicle
