EVs May Cost More Over Lifetime Than Gas Powered Counterparts: Study

Published on January 17, 2024

A new study comparing the total cost of ownership of electric vehicles (EV) and their gasoline-powered counterparts found that over the long term and considering various factors, some EVs were less costly while others—in particular, larger and longer-range ones—were more expensive. The study, carried out by researchers affiliated with the University of Michigan Center for Sustainable Systems, aimed to analyze the total cost of ownership (TCO) for gasoline, hybrid, and EVs while considering a broader range of factors than many previous similar studies. The researchers developed a detailed TCO model encompassing five vehicle classes, three powertrains, and three EV ranges, with the analysis covering 14 cities in the United States and incorporating multiple charging scenarios....

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