Recent research has revealed that electric cars are still more affordable than internal combustion engine (ICE) cars over the long term despite the federal $7,500 rebate for EVs being phased out. The Big Beautiful Bill fundamentally altered the EV ownership equation and raised questions about whether gasoline cars now make more economic sense.
Industry analysts who examined the complete economic picture say that when all factors affecting EV-related expenses are combined, they typically cost less across their lifespan even though they cost more.
Real-world comparisons using the 2026 Chevrolet Equinox illustrate the difference. Its electric version carries a $36,495 base price against $30,495 for the gasoline variant, creating a $6,000 initial gap. Over five years, the electric version costs $42,792 total versus $43,088 for gasoline. That gap widens dramatically over time. After ten years, the difference reaches $7,250, expanding to $14,925 after fifteen years as the energy and servicing savings compound.
Fueling creates the biggest expense divergence between powertrains. Home charging with Level 2 equipment typically offers the cheapest way to power an electric car, while public rapid chargers carry higher rates.
Based on nationwide electricity pricing, driving 11,000 miles yearly costs roughly $550 in charging expenses. Typical gasoline cars achieve 26 miles per gallon, translating to $1,320 annual spending for the same distance. Historically, electricity has cost significantly less than gasoline per mile, creating substantial ongoing savings.
Servicing expenses favor electric vehicles heavily since their motors have much fewer moving parts compared to combustion systems with hundreds to thousands of moving parts. No emissions systems, ignition components or oil swaps means lower routine expenses.
However, tires wear faster on electric vehicles as they are heavier and have much more torque, while accident repairs typically cost more due to pricey battery replacements. Combustion cars require frequent oil and fluid swaps coupled with part and brake replacements, resulting in much more maintenance that creates steady bills.
Hybrid models need essentially all the same work as gasoline vehicles but potentially less frequently as they don’t use their combustion engines as much.
Insurance expenses work against electric cars since they carry steeper purchase prices and more expensive, more complex parts to replace after crashes. Combustion vehicles usually have the lowest insurance bills because they cost less to fix or replace following accidents. Hybrid vehicles fall between the two, more expensive to insure than gasoline cars but cheaper than purely electric alternatives.
Value decline remains the wildcard in ownership calculations. Gasoline cars follow predictable depreciation and resale patterns, typically depreciating more slowly than electric vehicles. Electric cars historically experienced faster value drops partly because advancing technology makes earlier versions less desirable at a faster rate. As the market matures, this effect may lessen. Hybrid models traditionally maintained value well due to their fuel efficiency and robust demand.
Even so, despite steeper purchase prices coupled with higher insurance and repair costs, electric vehicles generally deliver superior lifetime economics, particularly for drivers who keep their cars over extended periods and charge at home.
The numbers say it all. Entities like Massimo Group (NASDAQ: MAMO) can leverage the long-term cost efficiency of EVs to make a stronger case when talking to potential buyers who are weighing their options.
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