Why Are Electric Cars So Expensive?

If you’re considering an EV for your next Ames upgrade, you might be asking, “Are electric cars more expensive? On average, electric vehicles cost $55,353 as of early 2024. While that’s much less than high-end luxury cars, it’s more expensive than most gas-powered vehicles.

As a result, you might be asking, “Why are electric cars so expensive?” The main reason is the cost of EV batteries, yet the answer is a little more complicated, and electric cars can save you money in the long run. Learn more in this guide below from DeYarman Automotive Group about EV costs in Knoxville, and don’t hesitate to call us at . You can also use our vehicle finder service to sort out potential options. 

Are Electric Cars More Expensive Than Gas-Powered Cars?

Why are electric cars so expensive? Well, EVs are not more expensive than traditional gasoline-powered models. The inverse is often the case. 

They are only more expensive when comparing the MSRPs or sticker prices for EVs vs. gasoline-powered vehicles in the same category. Many Indianola buyers can gain many hidden savings on their EV purchase, including: 

• Federal Tax Credits: While our state doesn’t offer EV incentives presently, there are applicable federal rebates and tax credits when you buy your new electric car.
• Running Costs: A kilowatt of power is much less than a gallon of gas around the Des Moines area. While you will spend some money setting up your personal EV charging station, you’ll have more savings thanks to no gas station trips.
• Maintenance Costs: An electric vehicle drivetrain only consists of an electric motor, a battery pack, and little more. The result is that your service costs are basic, including such items as tires, wipers, steering fluid, A/C components, and brakes. 
• EV as Home Generator: If you lose power at your home in Knoxville, you might be able to use your electric vehicle as a power source and keep your electricity on at home!

According to a Consumer Reports study, the “typical tower ownership savings over the life of most EVs ranges from $6,000 to $10,000.” This savings margin will depend on the price difference between EV and gas-powered models being compared. While savings will vary, most owners can expect to save between $6,000 and $10,000 by buying an electric vehicle vs. a gas-powered car over the long haul.

Shop For Your Next Money-Saving EV Today at DeYarman Automotive Group!

Now that you have an answer to “Are electric cars more expensive?” it’s time to explore what EV options you’ll have for Ames drives. Don’t forget to check out our new vehicle specials and see how much you can save on your next electric car.

You can apply for financing in our secure online portal to get the process started. Trading in your existing vehicle beforehand provides you with a sizeable amount towards your new EV. Experience the next generation of electric cars with DeYarman Automotive Group today!