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Affordability refers to communities’ abilities to absorb the costs of transportation — including all forms of e-mobility — despite decades of rising economic inequality. Affordability is key to any consumer engagement strategy, and the true cost of ownership is among the most pervasive misconceptions about EVs and other e-mobility solutions. Compared to gasoline-powered vehicles, EVs often have a lower true cost of ownership, due to lower maintenance costs and fuel costs over the life of the vehicles — and that is before considering the broader public health and climate-related financial benefits for society from reduced oil consumption.
Driving an EV can save you more than $10,000 over the lifetime of the vehicle, as compared to a gasoline powered car.
While there are many EV options in the new vehicle market, there are more affordable EV models that may be more suitable for low-income and middle-income individuals, especially within the fast-growing, pre-owned EV market. Sites such as CarGurus, Carvana, and MYEV.com offer first- and second-generation EVs that can be less expensive than comparable gasoline-powered vehicles, accounting for lower fuel and maintenance costs.
There are affordable options for EVs today, and as adoption increases, the downward price trend will continue. The Inflation Reduction Act, passed by the Biden Administration in August 2022, was a massive step forward in EV Affordability. The IRA provides up to $7,000 for EV vehicles manufactured in the United States. Among these improvements, policymakers must continue to dispel myths surrounding affordability by discussing the total cost of ownership and promoting pre-owned EV markets.
Check out the Savings Calculator below to find out how affordable driving an EV can be:
