Part 5/9:
Pricing visibility remains a recurrent theme, with EVs typically costing $10,000 more than gasoline vehicles at the onset. However, falling prices of new EVs, down about 15% over two years, combined with anticipated declines in battery costs, promise a shift in the total cost of ownership calculations.
Cox Automotive data suggests the average total cost of ownership for EVs favors the electric option over five years, despite higher upfront expenses. So while immediate prices influence consumer choice, long-term savings, in many contexts, tip the scales in favor of EVs.