New UM study shows cost of EV ownership less than half that of gas cars

We’ve known for a while now that between fuel costs and engine maintenance, owning an EV is easier on the wallet than a gas guzzler. Thanks to a new study from the University of Michigan’s Transportation Research Institute, we can put some new numbers on those savings. According to the research, done by Michael Sivak and Brandon Schoettle, the average annual cost to operate an EV in the United States is $485, while a gas car comes in at $1,117. That’s a $632 annual saving for anyone who wants a cleaner, zippier ride.

The numbers do vary state by state, though, as cost of electricity, fuel and maintenance varies. EV enthusiasts across the country are familiar with this issue, as research has shown the varying environmental impact of driving EVs on different states’ electrical grids. This isn’t bad news, though, because you would have to go all the way to Hawaii to get close to an equal cost between electric and gas vehicles, and even there, EVs save $403 annually.

As reported by Forbes, gas powered cars would need to deliver 57.6 mpg on average across the U.S. in order to compete, which even surpasses the ambitious 54.5 mpg goal set by the Obama administration in 2012. Why pour that many resources into developing gas powered cars, when EVs beat them on fuel and maintenance costs, and environmental impact, right off the bat? Hopefully, as this news spreads, consumer interest will increase and lead Ford and GM to reveal more EV models and concepts at next year’s auto show.