Electric Car vs Gas Costs: Which Truly Saves You The Most Money?

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There is little debate that the future of driving is electric. Most major automakers have already invested billions of dollars into expanding their electric car fleets. Political leaders are working on solving the biggest problem with electric cars which is how to keep them charged on long-range travel by introducing charging stations making them more convenient to own and operate. The biggest expense for EVs are the battery costs which has fallen over time making them cheaper each year. In fact, Morgan Stanley predicts that 72% of all car sales will be electric by the year 2040. Within 20 years, it’s likely to be very difficult to actually buy a brand new car that still runs on plain ol’ gasoline. Until that day arrives though, the debate between electric car vs gas costs rages on. Which is why WalletGenius set out to answer the question: which fuel type will save you the most money overall? We dug in and discovered the average car insurance costs, fuel costs, purchase price, tax credits, costs of charging stations, and more to help you decide when buying a new car which is best for your wallet.