Why Are Electric Cars So Expensive?

You may have seen articles asking “Why are electric cars so expensive?”, but are electric cars more expensive than the alternatives? They’re far more reasonably priced than you might think, especially when factoring in ownership costs and maintenance in Sicklerville. For example, electric cars cost an average of $56,437 as of 2021.

While it’s hardly luxury car pricing, the truth is that it’s more than a typical compact sedan or crossover. So, why opt for an “expensive” electric car? Consumer Reports said, “…total ownership cost savings [actually] can more than make up for an electric vehicle’s typically higher purchase price.” What does that mean for you? Let’s go into some of the ways you can save below.

Are Electric Cars More Expensive Than Gas-Powered Cars?

So, are electric cars more expensive than gas-powered cars in the first place? That depends on how you compare prices and value. When you look at a compact gas sedan compared to a compact EV, the electric car usually has a higher sticker price due to the expense of the battery. But if you look at the big picture, you’ll find a wealth of savings from choosing the “expensive” electric car for your Sewell travels.

• State Incentives: Many states offer incentives when buying an EV, including the Charge Up New Jersey program for electric vehicles and EV chargers.
• Federal Tax Credits: Many EV and plug-in hybrid models still qualify for federal rebates and tax credits up to $7,500.
• Running Costs: Fueling up your EV is much less expensive than a gas-powered car. A Kilowatt of power costs much less than a gallon of gas. That means you save money every time you recharge your vehicle in Williamstown when compared to a gas-powered model.
• Maintenance Costs: Because EV drivetrains are simple, there are fewer moving parts. That means your maintenance costs drop significantly – and no more oil changes!
• EV as a Home Generator: Not only can you charge your EV, but your EV can also charge your home! Models like the Silverado EV can function as generators in the event of a power outage. That can be a huge advantage in an emergency situation.

Referring back to the Consumer Reports study, “The typical total ownership savings over the life of most EVs ranges from $6,000 to $10,000.” While this can vary from driver to driver and model to model, the fact remains that there are tremendous benefits to choosing an electric vehicle!

Test Drive an Electric Vehicle at Chevrolet Of Turnersville

Are you ready to try out the latest in electric vehicles in Turnersville? Learn more about hybrid vs. electric cars and stop by our showroom for a test drive. We can get you behind the wheel of a brand new Bolt EUV or Bolt EV and discuss our latest offers. Feel free to contact us to learn more!