A detailed new report shows the cost difference of owning an electric vehicle, a hybrid, or a gas-powered car.
CNET covered several key categories, including upfront costs, fuel costs, maintenance and repairs, insurance, and resale value. In the end, the winner was clear: Electric vehicles are cheaper.
For upfront costs, gas-powered cars won out, as EVs can be expensive because of their heavy-duty batteries. "The battery is going to be the biggest reason that EVs are more expensive," Antuan Goodwin explained.
CNET also noted that these upfront costs are partly due to research and development.
In the fueling cost category, EVs beat hybrids and gas-powered cars. The fuels used to power traditional vehicles are pricey and only getting pricier. The assessment found that the annual cost of fueling an EV is about $550, while fueling a gas vehicle costs about $1,320.
Tires on EVs tend to wear down faster, and battery replacements or repairs after a serious collision might be more expensive. But EVs still win in the maintenance and repair cost category because they don't require oil changes, spark plug replacement, or exhaust system servicing.
The real loser in this category is hybrids, which require traditional and EV maintenance — "the worst of both worlds," as CNET said.
EVs ranked last in the insurance and depreciation categories. Their higher insurance costs are because EVs are generally more expensive vehicles.
They also don't have as strong a resale value as traditional cars. Automotive expert Amelia Dalgaard, aka "Motorhead Mama," explained it's "because the EV technology improves so quickly (leading to better battery range and faster charging) that older models become undesirable more rapidly (very much like the old iPhone models)."
EV maintenance and fueling costs averaged $0.11 per mile, while gas-powered cars cost twice as much.
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$200 or more 💰 In conclusion, CNET compared a 2026 Chevrolet Equinox EV and a gas-powered 2026 Chevrolet Equinox. The cost over 15 years was $57,420 versus $72,345.
If you think buying an EV is too expensive, it may be time to reconsider. These numbers show that, in the long run, an EV can save you almost $15,000.
Dalgaard made it easy to understand, stating, "In general, you're going to be better off with an EV."
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