Why Are Electric Cars So Expensive?

If you’re looking for a new or pre-owned electric vehicle in the St. Louis area, you’ve probably noticed that they tend to be a bit pricier than their gasoline-powered counterparts. According to Edmunds, the average electric car in 2023 costs around $59,739. That’s less than a luxury car but more than the typical sedan or compact SUV. Electric cars use more advanced technology under the hood than gasoline-powered cars, including powerful batteries, which makes them more expensive. 

However, that’s not the whole story! There are a number of cost-effective benefits to driving an electric vehicle that offset the higher starting prices. In fact, Consumer Reports writes that “…total ownership cost savings [actually] can more than make up for an electric vehicle’s typically higher purchase price.” Suntrup Automotive Group has more details on these cost benefits in the guide below.

The Cost Benefits of Electric Vehicles

So, are electric cars more expensive than gas-powered cars? The short answer is yes, but only in terms of sticker price. There are five key cost-related benefits of driving an electric car that can lead to long-term savings, even offsetting the difference in starting price! Here’s a quick overview:

• State incentives: All but thre U.S. states offer tax incentives for purchasing and driving a new electric car. You can find more information here.
• Federal tax credits: The federal government offers tax credits of up to $7,500 for eligible drivers and vehicles.
• Running costs: In general, charging an electric vehicle at home or on the go around St. Charles is less expensive than filling up a gas tank. 
• Maintenance costs: One of the benefits of driving an EV is reduced maintenance since they have fewer moving parts than gas-powered cars. EV drivers generally end up paying less in regular maintenance costs!
• Home generator: If your EV is fully charged, you can actually use it to give electricity back to your home grid and power your home in the event of an outage!

Find Your Next EV Today at Suntrup Automotive Group!

If you want to see how any of our electric vehicles handles on the Fenton roads for yourself, contact our office to set up a test drive! We’ll find an available model and get you behind the wheel in no time. If you’ve made up your mind and want to get a jump-start on the buying process, our finance center is a great place to start!