Why Are Electric Cars So Expensive?

A common question we hear at Joe Basil Chevrolet is, “Why are electric cars so expensive?” Are electric cars more expensive than gasoline-powered vehicles? Initially, the answer to this question is likely yes, primarily due to the cost of EV batteries. However, in the long run, EV ownership will typically save you money. 

According to Consumer Reports “…total ownership cost savings [actually] can more than make up for an electric vehicle’s typically higher purchase price.” When you look beyond the sticker price, you will see that the money you save on gas and maintenance will offset your initial investment. Learn more about adopting the EV lifestyle below. 

Are Electric Cars More Expensive than Gas-Powered Cars?

As more and more brands are entering the EV market and more infrastructure is in place, you will likely see the cost of EVs decline. While the initial price you see at your local Buffalo dealership may currently still be a bit higher compared to a comparable gasoline-powered vehicle, there are several factors that help to cut the cost.

• State Incentives: Some states still provide incentives for purchasing an eco-friendly vehicle. 
• Federal Tax Credits: There may still be applicable federal rebates and tax credits also available when you purchase an EV. 
• Running Costs: A Kilowatt of power costs much less than a gallon of gas. 
• Maintenance Costs: EVs have a simpler construction, so maintenance costs tend to be much lower around Cheektowaga and Lancaster. 

GM and Honda EV Partnership 

Two of the biggest automakers in the world, GM and Honda, have teamed up to make EVs as affordable as possible. The purpose of the partnership is to ​​produce more affordable EV models priced under $30,000. These brands plan to make the production of EV batteries more economical so that cost is not a barrier to EV ownership 

Shop for an EV with Joe Basil Chevrolet Today

So, are electric cars more expensive? In reality, it is probably more affordable overtime to own an EV. Explore your options today at Joe Basil Chevrolet. We look forward to helping you find an eco-friendly vehicle you will love for many years to come.