It is tempting to assume that a cheaper electric vehicle will cost less to own than a pricier gas car, especially given the usual story about low EV running costs. But the complete monthly cost does not always follow the purchase price. Several factors can flip the comparison, leaving the cheaper EV more expensive per month.
Where the EV Can Cost More
EVs can carry higher insurance premiums, partly because of repair and battery costs. Many states add an annual EV registration surcharge. And a less efficient EV, particularly a heavier model, uses more energy than its price might suggest. Stack these together and the charging-and-ownership math can exceed that of an efficient, moderately priced gas car.
Where the Gas Car Can Win
A pricier but efficient gas car with low insurance and cheap maintenance can have a lower complete monthly cost than a cheap, inefficient EV. The purchase price is only one input. The complete monthly cost weighs insurance, energy, maintenance, and fees together, which is the only way to see which vehicle truly costs less.
How to Compare Fairly
- Do not assume a lower EV price means a lower monthly cost.
- Account for EV insurance, efficiency, and any state surcharge.
- Credit the EV's lower maintenance, but weigh it against the other costs.
- Compare the complete monthly cost directly, which settles the question.
CarCostCX shows the complete monthly cost on both EV and gas listings, including the EV's calculated charging cost, so you can see which vehicle is genuinely cheaper to own regardless of price.
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