Research from Bloomberg New Energy Finance indicates that falling battery costs will mean electric vehicles will be cheaper to buy in the U.S. and Europe as soon as 2025. Battery powered cars will soon be cheaper to buy than conventional gasoline ones, offering immediate savings to drivers, new research shows.
Are electric cars cheaper in the long run?
While electric cars will cost more up front than their gasoline-powered compatriots, in the long run, they may be cheaper to operate. The biggest savings will be in fuel. A gallon of regular gas today costs an average of $2.70, according to the U.S. Energy Information Administration (EIA).
How much does the average electric car cost?
In Australia, Hybrids or HEVs start around $26,500 plus on-road costs, with Plug-in hybrids or PHEVs starting around $42,500 plus on-road costs. Full battery EVs or BEVs start around $47,500 plus on road costs but require no liquid fuel as they are powered exclusively by electricity.
Is it cheaper to build an electric car?
Electric cars will achieve price parity with internal-combustion models, just not right away, according to the study. … Bloomberg New Energy Finance has suggested that EVs will cost less than a comparable internal-combustion vehicle—to build and to purchase—by the mid-2020s.