Which EV fits my needs?
You want an EV that matches your budget and your day-to-day transportation needs. Here, CarMax explores the different aspects of EV ownership.
Understanding costs of switching to an electric car
Switching to an EV doesn’t mean instant savings. While electricity is cheaper than gas in the long term, you’ll need to make some up-front investments. We’ll look at some of the costs of switching to an EV so you can be prepared for ownership.
Fuel cost comparison
What to expect in the first 150,000 miles
Initial costs
If you buy a lower-cost EV, you’ll start to see savings sooner. For additional savings, look for EVs that qualify for the federal EV tax credit (up to $4,000 for used vehicles). Keep in mind that both the vehicle and the buyer must qualify.
A common 50-amp charging station is about $1,000 and upgrading to a 200-amp system is about $3,000. Find our more about the qualifications for a federal tax credit of 30% of your home charger cost (up to $1,000) to offset these costs.
According to Lectron, an EV charger manufacturer, basic installation in a home that has a 240-volt circuit averages from $250 to $800.
As of 2024, Lectron states that these prices generally range from $50 to $160, depending on your location.
Recurring or ongoing costs
Because there’s no mechanical engine, fully electric vehicles don’t require oil changes, so that’s one cost you can avoid. You do still need to maintain tires, wipers, washer fluid, and other elements.
Check for service with RepairPal, a trusted CarMax partner
Find your service shopMany states now charge additional registration fees for fully electric vehicles to offset the loss in gas taxes used for infrastructure. These fees vary by state from $50 to $200+. Because hybrids still use gasoline, the fees typically don’t apply to them.
According to National Association of Insurance Commissioners research from February 2024, EV insurance averages $44 more per month than gas-powered vehicles because replacement parts and batteries are more expensive and fewer repair shops service EVs.
In June 2024, the national average was 16.7 cents per kilowatt-hour, and public charging is typically more expensive. Estimate charging costs for you area with our Charging Cost Calculator.
Other cost considerations
EV tires wear about 20% faster because EVs are heavy and accelerate quickly. For max range and a quieter ride, stick with EV-specific tires. They cost $150 - $300 per tire, or more for winter and high-performance tires.
The longer you own an EV, the more likely battery replacement becomes. Battery replacements typically range from $5,000 - $15,000.
Helpful tools for understanding costs
Am I ready for an EV?
Take our quick EV quiz and find out.
We hope you found this information helpful. This content is intended to inform and is not meant to indicate that a particular vehicle is currently available or recommended for you.
Statements of fuel economy or EV range are based on EPA and other third-party estimates for vehicles when new. Fuel economy and EV range will degrade with time and vary based on age, driving conditions, vehicle history, and other conditions. See fueleconomy.gov for more info.
Editorial content contained on this page comes from Edmunds.com, Inc., a subsidiary of CarMax Enterprise Service, LLC, and information related to featured vehicles comes from third-party sources, including manufacturer information. Product and company names may be trademarks or registered trademarks of third-party entities. Use of them does not imply any affiliation with or endorsement by these entities. By clicking on any video links, you will be taken to a third-party site maintained by YouTube, Inc.
We make every effort to provide accurate information, but please verify before purchasing.