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How long until electric cars pay for themselves?
I’m considering purchasing an electric car since the gas prices are shooting through the roof. How long does it take for electric cars to pay for themselves?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We hear you! EVs are a great way to ensure fuel savings. While an EV can promise great savings, it is not guaranteed that an EV will ever fully pay for itself.
If your vehicle were to eventually cover its own costs, it could take approximately 10 years for your car to finally break even in fuel savings. This may seem like a long stretch of time, but with rising gas prices, you may save this much a lot sooner.
Gas prices are not the only savings EVs can provide. Electric vehicles are still subject to general wear and tear, so over the years your vehicle still may need repairs. There are not as many internal components in an EV as there are in a traditional vehicle. This means fewer trips to the mechanic and fewer auto shop bills.
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