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Do electric cars cost more to make?
I’d love to buy an electric car to save money on fuel costs, but they’re so expensive! Do electric cars really cost that much more to make than combustion engine cars?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, as of right now
electric cars
still cost about 45% more to manufacture than their gas-powered counterparts, but that gap is expected to close as demand for electric cars grows. The precious metals and other raw materials that go into the production of electric car batteries—such as cobalt, nickel, lithium, gold, and silver—are expensive to mine, purify, and process. Another cost that adds to the price tag is that many electric car makers just don’t have the same scale and production capacity as traditional auto manufacturers.
Even so, buying an electric car can save you tons of money over time on both
repairs
and fuel costs. Electric cars are less complex than a traditional combustion-engine cars, so that means no more oil changes—ever. Plus, you’re doing something good for the environment!Jerry is a car
insurance
comparison broker that helps you get the best coverage for the best price possible. The average Jerry user saves $900 a year on car insurance!View full answer
- Gregory R.
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