Electric car manufacturers have long claimed their vehicles are ultimately less expensive to own than their gas-powered counterparts, and it now looks like that wasn’t just classic marketing spin. Consumer Reports has published a study indicating that the most popular EVs are less expensive to own over their lifespans than the best gas cars in their respective classes. Among EVs under $50,000, you’d typically see costs drop between $6,000 to $10,000 versus a combustion engine car.
The Tesla Model 3 delivered the most value in CR’s findings. The entry-level luxury EV represented a $15,000 savings compared to not only the best-selling car in its class (the BMW 330i), but also the best-rated (the Audi A4). This was generally true across the board, including plug-in hybrids as well as estimates for upcoming vehicles like Ford’s Mustang Mach-E. The savings could be particularly large if you buy a used EV when it’s five to seven years old.