How Long Does It Take to Break Even on an Electric Car? https://www.wisebread.com/how-long-does ... ectric-car$this->bbcode_second_pass_quote('', 'E')lectric cars come at a premium. You can still get a hefty tax rebate for buying an all-electric or plug-in hybrid vehicle, but even after deducting that $3,700 —$7,500 rebate from the price, you're still going to pay more up front for electric than a gas-powered engine.
Upfront costMy husband and I recently test drove a Kia Soul EV. It was peppy and felt surprisingly roomy for a small car. It costs about $34,000, while the Soul without an electric motor costs only $20,000. So even after deducting the $7,500 tax credit, you'd still be paying $6,500 more to go electric.
Another upfront expense, which I didn't think about until I looked at EVs, is the cost of buying a home charging station and having it installed in the garage. That would be about $1,200. However, you might be able to apply for a local rebate or credit to defray that cost as well.
The difference in upfront cost: Buying and getting set up with the Kia Soul EV costs about $7,700 more than the nonelectric.
MaintenanceBecause they don't require oil changes, all-electric vehicles cost less than regular cars to maintain — about 35 percent less, according to one estimate I found. According to Repair Pal, the average cost to maintain and repair a regular Kia Soul is $446 a year, while the EV is $267.
(Don't forget the tires dear)Other expensesYou might wring a few more dollars out of your EV from insurance company discounts and free public parking.
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Sorry Dear, quite the opposite as far as insurance, and as for free parking, where, an EV charging bay?)
Breaking evenSo, you started out life with your new EV $7,700 in the hole after buying the car, installing a charging station, and pocketing the federal tax credit. You will save about $900 a year in fuel and maintenance costs. At this rate, it will take you eight to nine years to break even. That's a pretty long time to recoup an investment.
(Yes it is dear, it's the lifetime of your EV basically, but you didn't think of that did you)