EVs look expensive at the sticker because of higher purchase prices. But total cost of ownership — fuel, maintenance, and depreciation combined — tells a very different story over the vehicle's life.

Electricity costs roughly three to five times less per mile than gasoline. EVs also skip oil changes, transmission repairs, spark plugs, and timing belts, and brake pads last longer because regenerative braking handles most of the slowing.

Over eight to ten years, an EV can save 6,000 to 10,000 dollars in fuel and maintenance versus a comparable gasoline car. As battery prices fall, purchase-price parity is expected soon.