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Car and Driver
6 days ago
- Automotive
- Car and Driver
The True Cost of Owning an Electric Vehicle: What You Need to Know
If you're thinking about buying or leasing your first electric vehicle, what costs should you be prepared for beyond the purchase price? Will there be any expensive surprises? Will maintenance cost more or less than a traditional gas-powered car? We'll answer this with in-depth information on EV insurance, depreciation, charging costs, tax incentives, home charging installation, and more. After you read this guide, you'll have a better idea of what it costs to own an EV. One of the most important factors that car buyers consider is affordability, up there with quality and fuel economy. But for EVs, you'll want to look beyond the window sticker to determine what you're really going to pay. The MSRP (manufacturer's suggested retail price) often doesn't reflect the real cost of an EV. For one, the MSRP of an EV is usually significantly higher than a comparable gas or hybrid vehicle, in part because of their expensive-to-produce batteries. According to Kelly Blue Book data from June 2025, the average transaction price of a new EV was $57,734, while the average price for a gas-powered vehicle was $48,799—a nearly $9000 difference. But MSRP and purchase price aren't the whole picture. Mario Tama | Getty Images EV State and Federal EV Tax Incentives State and federal EV tax incentives can reduce the real-world cost of an EV significantly. The maximum federal tax incentive is $7500 at the time of this writing, bringing your average EV closer to cost parity with nonelectric vehicles. Not every EV or buyer qualifies for the credit. EVs must contain a certain percentage of domestically produced parts, buyers must not exceed an income limit, and vehicles with MSRPs greater than the IRS guidelines below do not qualify: Vans, SUVs, trucks: $80,000 maximum MSRP All other vehicles: $50,000 maximum MSRP This article has more information about federal tax credits; the government also has a list of vehicles that qualify for full or partial tax credits. The tax credit is different than a typical dealer incentive; it's not a discount on the purchase; instead, it reduces the buyer's tax liability. If a buyer owes less than $7500 in federal income tax, they won't get the full benefit of the credit. But buyers can transfer the tax credit to the dealer, who can then give them an immediate discount on the vehicle purchase price. The IRS has more details on how this works. Also check with the relevant agency in your state to see if there are additional state tax incentives or rebates. For example, Colorado is known for having a particularly generous tax credit of up to $3500 in addition to the federal credit. Other EV Incentives Slow-selling EVs may also have substantial incentives, discounts offered by the dealer or manufacturer. In early 2025, the new electric Dodge Charger Daytona saw discounts that could exceed $12,000, hinting at its low demand. Check for current offers at the manufacturer's website; many car-shopping sites also highlight attractive deals. How to Pay for an EV While the tax credits make EVs stand out from typical cars and trucks, the process of buying an EV is largely the same. You could pay cash up front or (more likely) finance the vehicle's price through a loan. Loans may be initiated through the vehicle manufacturer's financing arm (also known as captive auto lenders) or through a bank, credit union, or online lenders. Check out our in-depth guide to all facets of auto financing. Some lenders offer EV-specific loan terms. These are sometimes known as green loans. They may offer better interest rates or other terms. Some captive auto lenders naturally offer lower interest rates to incentivize low-emissions-vehicle sales. Some banks and other lenders also offer specialty loans. When researching which lender to finance through, it's worth asking about EV-specific loans. Many EV makers bypass dealer networks and sell directly to car buyers. Following the lead of EV pioneer Tesla Motors, more recent startups, including Rivian, Lucid, and Volkswagen's upcoming Scout truck and SUV brand, intend to sell directly to consumers. While there's typically no negotiation, there may be incentives or other special offers. Some states have specific rules prohibiting this practice, while others currently only allow an exception for Tesla. You may check with local dealers, direct-to-consumer retail outlets, or your state vehicle-licensing agency for more information. What It Costs to Insure an EV EVs have a lot of advantages, but one area in which they fall short of their fossil-fuel kin is in the insurance department. As we've covered in our in-depth guide to insuring EVs, insurance for these green vehicles is generally more expensive than an average car. There are a few reasons why EVs are more expensive to insure: Higher purchase cost. More expensive to repair. Higher labor and parts costs. A 2023 study found that EVs, on average, cost $442 per year more than an equivalent gas vehicle to insure. That said, a number of factors influence insurance costs, so be sure to do your due diligence with your insurance agent or broker. Additional Costs: Registration Fees, Additional Taxes In many states, transportation infrastructure repair for roads, freeways, and bridges is funded in large part by sales taxes on gasoline and diesel fuel. Many states have implemented increased registration fees or other taxes to make sure that EV owners are paying their "fair share" of the costs. The fees can add up. For example, in Texas there is a $400 fee for new EV registrations, with an additional $200 fee for each yearly renewal. According to some analyses of various state registration fees and taxes, EV registration fees actually exceed what non-EV drivers pay in gasoline taxes. If you're in one of the following states, it's worth researching the fee before getting a nasty surprise at the licensing office. Alabama Arizona Arkansas Georgia Idaho Indiana Kansas Minnesota Mississippi Missouri Nebraska Nevada New Hampshire North Carolina North Dakota Ohio Oklahoma Oregon Tennessee Texas Virginia Washington West Virginia Wyoming Factor in registration and licensing costs into the total cost of the vehicle no matter what state you live in. The numbers will likely be available on your state's vehicle-licensing office's website. EV Maintenance and Repair Compared to an internal-combustion gasoline or diesel engine, electric motors are relatively simple mechanically. That could mean less maintenance, as there are fewer things that can go wrong. But there are some maintenance items that EVs and gas cars share: Tires Brakes (although an EV's regenerative braking can make the brakes last longer) Suspension (shocks, struts, springs) Cooling system EVs often use specialized tires to cope with their extra weight and special rubber compounds to decrease rolling resistance and thus improve range and efficiency. When it comes time to replace tires—when worn out, damaged, or at six to 10 years—they may cost more than those on a gas- or diesel-powered vehicle. There is also some data indicating that heavier EVs cause increased tire wear and require more frequent replacement. Brakes, however, are a bright spot. Instead of using the brakes to slow down, most EVs use regenerative braking to turn their electric motors into electric generators. The traditional brake components, like brake pads and brake discs, are present but used less frequently, resulting in lower maintenance costs. While the math gets trickier for fancy upscale EVs with adjustable suspension systems, there's nothing special about most EVs' suspension other than optimization for the vehicle's increased weight. The cooling system (more accurately a thermal-management system) on an EV helps maintain the battery at its optimum temperature so it can work correctly. In cold weather, or to prep the battery for fast-charging, it will actually heat and circulate fluid to warm the battery to the right temperature. This all means that there's a liquid that fills the system, often a specialized (and expensive) one, and various pumps and sensors. Unless there's an unforeseen problem, the system will be inspected and the fluid changed at regular intervals per the manual. What's the bottom line? In general, EVs are cheaper to maintain. The Cost to Charge an EV Installing home charging can be the biggest surprise expense of the EV-ownership experience. Some lucky homeowners will have suitable wiring and a convenient outlet ready to go but others may face significant costs (from about $500 to more than $1300 on average, according to a study by Angie's List). Check the requirements of the charger you are planning to use and consult an electrician. Incentives and rebates may offset the cost of the charger or the price of installation; talk to your utility company about that. Our home charger buying guide provides a comprehensive overview of the process, costs involved, and recommendations for home charging units. Your local electricity rate will also affect the cost of EV ownership. The cost of electricity varies widely, but it's usually expressed in dollars per kilowatt-hour (kWh); the national average as of March 2025 was $0.17 per kilowatt-hour. (Hawaii had the most expensive rate, at $0.41, and North Dakota the least at $0.11.) Electricity rates may vary during the day or seasonally. After determining your electricity rate, you can get a ballpark estimate of the cost to "fill up" your EV by multiplying your battery capacity in kilowatt-hours by the electricity rate in dollars per kilowatt-hour and then adding another 10 percent to account for losses during charging. For example, a current 2025 Chevrolet Equinox has an 85-kWh battery. Many owners do not fully drain or fully charge their batteries to extend their service life, so a 20 to 80 percent charge would cost $9.54 at the national average electricity rate. That would recoup 171 to 191 miles of EPA driving range, depending on which Equinox EV model you're charging. Charging at home is significantly more economical than using a public charger. While some public chargers are of the same type you'd use at home, what comes to mind when most EV drivers think of public charging are the ultra-fast, high-voltage chargers operated by companies like Electrify America, EVgo, ChargePoint, and others. These are also known as DC fast-chargers, and they're much faster than any home charging system—filling up most EVs in minutes rather than hours. It is almost always significantly more expensive. Public DC fast-charger rates vary by too many factors to list here, including local electricity rates, time of day, and demand, but in general, it's around $0.50 per kilowatt-hour. Using our Equinox EV example, it would cost nearly $27 to fill up from 20 to 80 percent. What Is an EV Worth When It's Time to Sell or Trade It In? EV owners generally don't hold on to their vehicles as long as the overall average—typically three to four years. This means that anyone considering buying an EV needs to think about how much it will be worth a few years down the road when the time comes to sell it or trade it in. This is called depreciation; how much the value of an item has decreased over time. EVs typically have notably worse resale value than other types of vehicles. A recent study finds that, on average, EVs depreciated by 58.8 percent over five years, compared to an overall market average of 45.6 percent. Recently, Tesla models are being hit particularly hard by depreciation. This means an EV will be worth less at the end of an ownership period. That's less money coming back to you, so you can think of it as an additional cost to factor in. The Bottom Line As you can see, there are many factors that influence the cost to own and drive an EV. The biggest single factor in the total cost is the selection of the vehicle itself. A less expensive, more reliable EV with a higher resale value could prove to be a prudent choice. Equally important is how the EV will be charged. Home charging installation can be very expensive; if you have an older house, you may want to go over your plans with an electrician before buying an EV. If you'll charge at DC fast-chargers, budget for significantly higher charging costs. But remember, reduced maintenance costs, EV tax incentives, and any other purchase or lease incentives could drastically alter the picture. The best advice we can give you about the cost of EV ownership is that it pays to do your homework. With knowledge about some of the less obvious factors and some tools to estimate them, you'll have a good idea of what owning an EV will cost you.
Yahoo
25-06-2025
- Automotive
- Yahoo
How Long Do EV Batteries Really Last Compared To Gasoline Cars?
One of the major concerns that folks have when considering switching to an electric vehicle is battery life and longevity. When it comes to smaller devices like cell phones and laptops, battery degradation is a common and frustrating problem that can be exacerbated by frequently fast-charging a device or leaving it plugged in overnight and overcharging it, so why shouldn't the same thing happen to EVs, right? Thankfully, a study released by Geotab, a United Kingdom–based vehicle telematics company, found that most electric vehicle batteries last between 15 and 20 years, with an average degradation rate of about 1.8% per year under moderate conditions. That's longer than the average age of all light vehicles on the road in the United States, which according to data from the U.S. Department of Transportation's Bureau of Transportation Statistics is about 12.6-years-old. While battery degradation in electric vehicles was a more significant barrier in the past, the maximum range of EVs has increased to the point that degradation isn't a death sentence. Just ten years ago in the year 2015, all five of the best electric vehicles according to Kelly Blue Book — the Ford Focus Electric, Chevrolet Spark EV, Nissan Leaf, Fiat 500e, and the Volkswagen e-Golf — had maximum ranges under 90 miles. When those batteries degrade, it drops their already low maximum range estimates to unreasonably short distances, but now that more EVs have range estimates upwards of four times as long, the degradation is effectively a non-issue. Read more: 2025 Cadillac Escalade IQ Is All About Big Numbers Not all batteries are created equal, but there are a few ways to maximize the longevity of your EV's maximum range. According to our friends at InsideEVs, "Keeping the state of charge between 20% and 80% on nickel-manganese-cobalt (NMC) and nickel-cobalt-manganese (NCM) batteries is also a sure way to prolong battery life. On lithium-iron-phosphate (LFP) batteries, this limitation generally doesn't apply, but one study found that constantly topping off an LFP pack could potentially reduce its lifespan." DC fast charging can marginally increase an EV's rate of battery degradation, but it's more effective to avoid fast-charging when your car's charge is either very low or very high, as doing so puts additional unnecessary stress on the battery. Many modern EVs have liquid-cooled batteries and a preconditioning feature that can optimize the vehicle's battery temperatures when heading to a fast-charging station, which helps to mitigate degradation caused by fast charging in extreme temperatures. If EV batteries degrade at a rate of about 1.8% each year, the average rate of the 10,000 EVs that Geotab measured, after 20 years that battery would still have 64% of its maximum capacity. Let's use the popular 2025 Hyundai Ioniq 5 as an example. It has an EPA-estimated maximum range of 318 miles. If its battery degrades at 1.8% per year, that same Ioniq 5 will still be able to travel over 200 miles on a charge after 20 years of use. While that 203-mile range is less than the original range when the car was new, it's still plenty useable. The average passenger car registered in the U.S. regardless of fuel type is about 14-years-old according to the Bureau of Transportation Statistics. As all car people likely know, maintaining a 14-year-old car can be a never-ending process of replacing different components as they invariably fail. As with everything, there is no perfect science here. According to InsideEVs, one study shows that EVs made in the last decade have had a battery failure rate of less than 0.5%, so there are occasions when high-voltage EV batteries do fail, but in statistically insignificant numbers. The barriers to EV ownership are becoming fewer and fewer, yet as we reported last year, nearly half of all new EVs are leased. Leasing an EV can be a great way to dip a proverbial toe into the waters of EV ownership without the long-term commitment of outright ownership, but if you choose to buy a new EV you can rest easy knowing that long-term battery degradation is less of an issue than ever before. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
Yahoo
11-06-2025
- Automotive
- Yahoo
8 Hybrid Vehicles That Last Longer Than You Think and Are Worth the Money
As the technology behind electric vehicles (EVs) continues to evolve, the mileage range of EVs is growing too, with the electric rides able to go farther than ever before between charging sessions. For the most part, though, no battery-powered vehicle matches the range of a hybrid ride, which combines an internal combustion engine with an electric motor for more efficient fuel economy, fewer emissions, added power and greater affordability to fit your budget better. Read Next: For You: Perhaps most importantly, hybrid vehicles can quite simply go much, much farther than EVs before needing to refuel or recharge. To that end, GOBankingRates compiled a listing of some of the farthest-reaching hybrids on the market, cars with long-enough range to justify their occasionally steep prices. Range: 704 miles The Ford F-150 is currently the longest-range hybrid on the American market, per Kelley Blue Book, making it to just over 700 miles. The hybrid truck — which also comes in standard internal combustion models, as well as a full EV model — also gets 22 miles per gallon (mpg) in the city, 24 mpg on the highway and 23 mpg combined with its 30-gallon full tank alone. Discover More: Range: 688 miles Car and Driver wrote that, while not cheap, this hybrid Benz not only comes with a big batter and incredible fuel economy, but with amazing speed as well — hitting 60 mph in 4.2 seconds. Range: 686 miles Kelley Blue Book clocked the 2024 Toyota Camry as both the longest-range hybrid sedan on sale in America and the top-ranking Toyota. Range: 670 miles The Elantra comes in just under the Camry in both range and price, per Kelley Blue Book. Range: 655 miles Kelly Blue Book reported that the Sorento's 2025 interior has received a massive tech upgrade compared to prior models, but warned consumers to stick with the front-wheel drive model (FWD), as the All-Wheel Drive (AWD) model only has a 602-mile range, while the FWD manages 655 miles total. Range: 648 In addition to comfortable interior space and style, Kelly Blue Book touted the Sienna as the longest-range hybrid minivan available in America. Range: 644 There's a reason you always see a Prius on the road — they're reliable and have an incredible range. Kelly Blue Book offered one small caveat: while the FWD Prius has a range of 644 miles, the AWD model only reaches 567 miles. Range: 644 While the LC 500h is extremely pricey — starting in the six-figure range — it more than makes up for it with a sleek body design, very high-technology interiors and a range of 644 miles, making it the longest-range luxury coupe in America, according to Kelley Blue Book. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on 8 Hybrid Vehicles That Last Longer Than You Think and Are Worth the Money
Yahoo
29-05-2025
- Business
- Yahoo
This Missouri man bought a trailer online — but says ‘the only way' to get the title was to sue the state
Ben Shakman, a Wildwood, Missouri resident, purchased a trailer on Facebook Marketplace for $3,500 years ago and thought all was fine. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) But when he went to the license office to register the vehicle, the title was deemed incomplete because the sale price was missing. He told FOX 2 the state took 294 days to notify him of the problem. Despite his best efforts, Shakman wasn't able to add his name to the title. Strangely enough, he claims he was eventually asked by the state to take extreme measures against the state itself. 'I went to the courthouse in Clayton, and I did something I've never done. I sued the state of Missouri,' he said. A skip title is when someone purchases a vehicle and doesn't get the title in their name before selling it to someone else. This, FOX 2 says, was the issue facing Shakman. A person who is involved in this sort of 'title jumping' bypasses requirements like paying title transfer fees, taxes and registration fees. There ends up being a gap in the vehicle's history. According to Kelly Blue Book, a title proves ownership, while a car's registration allows a vehicle to be legally driven. You usually can't register a car without a title. Shakman told reporters that his initial check to register the trailer was cashed. However, he didn't find out about the deficiency in his paperwork — there was no sales price in the title — until almost a year later. When he attempted to provide more paperwork, the Department of Revenue told him he needed affidavits. 'And then after I talked to the state, it was now the only way you're getting a title is by suing us, and here's how to do it,' Shakman said. Shockingly, state government officials instructed him to sue the state in order to get his title. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it In November, Shakman filed a petition asking for the state of Missouri to give him his title and to pay back some of the fees he paid. On April 1, he appeared in court and was finally awarded his title. In mid-May he was in court again and was awarded $100, a portion of the fees he had paid for the registration. 'I can't believe the man-hours that must've gone into processing that action I submitted,' he said. 'It just doesn't make sense.' To avoid purchasing a vehicle with a skip title, do your research. Verify the identity of the seller and ask them to provide proof of ownership history. The documentation could include copies of registration documents, the title in their name and any maintenance records. You'll also want to verify whether there is still a lien and how this person intends on settling the debt. If you're purchasing a car from a dealer, keep all documentation as they're obligated to ensure a proper title transfer. Usually the dealership will also register the vehicle for you. Whether you purchase from an individual seller or a dealership, register the vehicle as soon as possible and verify that the title has been transferred in your name. If you realize you have been title jumped, you may have to take legal action. Consult an attorney about next steps. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Entrepreneur
21-05-2025
- Automotive
- Entrepreneur
Tesla Taking Cybertruck Trade-Ins, Staggering Depreciation
Tesla has reversed course and is now accepting Cybertruck trade-ins. When Cybertruck deliveries began rolling out in late 2023, Tesla said it would not accept trade-ins. Now, things have changed, reports EV news site Electrek, following what it calls "a commercial flop" for the electric truck's sales. Related: A Tesla Executive Received a Record Pay Package, and It's Not Elon Musk In the lead up to vehicle sales and deliveries, Tesla said it had over one million reservations, but per Electrek, only about 40,000 of those reservations became actual orders. The newly announced trade-in program offers a bleak picture for Cybertruck owners when it comes to trade-in value. Cybertruck Owners Club reports that a 2024 Cybertruck AWD Foundation Series, which sold for $100,000, with 6,000 miles on the odometer, could be traded in for just $65,400. That's a 34.6% depreciation in just a year. According to Kelly Blue Book, most new vehicles lose about 20% of their initial value in the first year. Elecktrek blames the steep dropoff in value on overproduction (what they call a lack of "scarcity") and the underwhelming performance of those trucks that did find buyers. Inside EVs notes that 46,096 Cybertrucks manufactured between November 2023 and February 2025 were recalled due to an "adhesive issue" that led to pieces of the metal trim coming off the vehicle while it was driving. Related: 'Not a Money Thing': Elon Musk Says He Is Committing to 5 More Years as Tesla's CEO. Here's Why. During an interview at the Qatar Economic Forum this week, Tesla CEO Elon Musk seemed undeterred by the company's struggles. "You can just look at the stock price if you want the best inside information," he said. "The stock market analysts have that, and a stock wouldn't be trading near all-time highs if it was not, if things weren't in good shape. They're fine, don't worry about it." Tesla's chief executive also said he'd be staying with the company for at least another five years.
