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Some EVS Pay for Themselves

By July 18, 2022July 19th, 2022No Comments

Some EVs Now Pay For Themselves in a Year

Credit: John Walton/PA Images via Getty Images

Though you’ll pay more for them at the outset, electric vehicles are now a better deal than cars that run on gasoline, due to much lower fuel and maintenance costs and a $7,500 tax credit.

Pavel Molchanov did the math so you don’t have to. He’s been analyzing numbers for nearly 20 years at Raymond James, the financial services firm. His job is to give clear-eyed advice to investors, free of politics and marketing. And his advice is this: Buy an electric car.

“What I wanted to do is provide a comparison of the economics of electric vehicle ownership based on today’s fuel prices versus what they were a year ago,” Molchanov told Inside Climate News. “Because with hundred dollar oil, as a result of the war, we understand intuitively that an [electric vehicle] makes more sense the higher oil prices get.”

Credit: James Pothen, 07/14/22