After homes, cars are the largest purchase most people make in their lifetime. That’s why drivers think carefully about how to spend their dollars.

Gas-powered cars have been on the road for more than 100 years, but many consumers are less familiar with how newer cars like electric vehicles and plug-in hybrid vehicles affect their pocketbooks. Is the initial price tag higher? How much does charging cost? What about battery maintenance? Chase Auto is here to help you with your EV cost questions.

A man sitting next to a woman and across from an employee at an electric vehicle dealership, shaking the employee's hand

Upfront electric vehicle costs

A graphic of a couple speaking to a Chase Bank representative

Electric vehicle price tags

Just like traditional cars, electric and plug-in hybrid vehicles come in a wide range of price tags—from $30,000 up to $100,000, and more for luxury models.

As of June 2024, the average transaction price of a new electric vehicle was $56,371. This compares to $48,644 for the average price of a new gas-powered car purchased in the U.S.1 This gap is expected to close in the years ahead as more automotive companies release more affordable options to meet consumer demand.

Electric vehicle rebates, discounts & other incentives

Helping to close the electric vehicle price gap, the federal government currently offers a rebate of up to $7,500 off the cost of a fully-electric car, and plug-in hybrids are also eligible for the rebate, depending on their battery capacity. This rebate is only available for vehicles with final assembly in North America. For a list of vehicles that qualify, please access this resource from the U.S. Department of Energy.

There may be additional rebates and discounts offered by your state, local municipality, or local electricity provider. Discover the savings you may be eligible for using this incentive look-up tool.

Electric vehicle home charging systems

The most convenient way to charge an electric or plug-in hybrid car is to have access to an electrical outlet near your regular parking space.

Standard wall outlets will work, but the charging time is typically too slow to be practical.2 That’s why most EV drivers work with an electrician to install a 240-volt outlet—the same kind that clothes dryers use.3 Learn more about charging.

Rebates may be available to decrease the cost of home charging equipment – use this incentive look-up tool to discover what’s available in your area. If you finance your EV with Chase, you can include the cost of the charger in your car loan. Ask your dealer for details.​

Ongoing electric vehicle costs

A graphic of a mechanic working on an electric car's engine

Electric vehicle maintenance

All cars require maintenance, but the maintenance needs of electric and plug-in hybrid vehicles are different.

Fully electric vehicles don’t require oil changes, spark plugs or timing belts. Unlike gas-powered engines, electric motors don’t require routine maintenance.4 These reduced maintenance needs could save an EV owner who drives 15,000 miles per year approximately $3,000 over a 5-year period compared to a gas-powered car.5

Maintenance needs that are unique to fully electric vehicles include battery maintenance and a faster rate of tire degradation.4

Importantly, plug-in hybrid vehicles require both gas-powered and electric-powered maintenance needs. Learn more about EV maintenance. ​

 

Electricity to charge your electric vehicle

Traditional vehicles require gas. Electric vehicles (EVs) require electricity. Plug-in hybrid vehicles (PHEVs) require both. All come with expenses.

There are two costs associated with charging an EV or PHEV—at-home charging and on-the-road charging. At-home charging expenses become part of your monthly utility bill, just like turning on the lights or running the dishwasher. Just as gas prices vary from city to city, so do electricity prices.6 On average, it costs about half as much to fuel a vehicle with electricity compared to a similar vehicle that runs on gasoline.

On-the-road charging is somewhat similar to filling up at the gas station, but it’s important to know that some public EV charging stations offer membership rates. Members pay an annual fee in exchange for a discounted price-per-kilowatt when they charge-up, but non-members can often access the same stations at a higher per-kilowatt rate. Learn more about public charging.

EV tools and resources

A graphic of an electric vehicle charging station

Calculate your total
lifetime costs

This tool from the U.S. Department of Energy calculates total lifetime costs of owning an electric vehicle. It factors in both up-front costs, including tax credits and charging station installation, as well as normal daily use, including mileage and localized gas/electricity costs.

Calculate
A graphic of an electric car charging at a charging station

Find electric vehicle rebates and incentives in your area

This database provides information on all federal, state, and local EV incentives available in your ZIP code. Incentives may include rebates and tax breaks on the car itself, support for home charging equipment, discounts on electricity pricing and driving perks.

Find rebates

Sources

1 Kelley Blue Book

2 U.S. Department of Energy

3 J.D. Power

4 U.S. Department of Energy

5 Forbes

6 U.S. Energy Information
Administration

1Kelley Blue Book

2U.S. Department of Energy

3J.D. Power

4U.S. Department of Energy

5Forbes

6U.S. Energy Information
Administration

This content is for educational purposes only and provides general auto information. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. Outlooks and past performance are not guarantees of future results. Chase is not responsible for, and does not provide or endorse third party products, services or other content. For specific advice about your circumstances, you may wish to consult a qualified professional.