Vincentric, the auto industry’s leading provider of cost of ownership data, released an in-depth Electric Vehicle Analysis, in which the company found that 14 of 27 EVs had lower total cost of ownership over five years than their gasoline counterparts.

The analysis studied 27 Electric Vehicles from the most recent available model year and compared them to similar gasoline-powered vehicles to provide insight into the cost effectiveness of EVs.

Vincentric analyzed eight cost factors that comprise a vehicle’s cost of ownership: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. The biggest strengths of EVs were their fuel and maintenance costs, with all 27 EVs having lower fuel costs than their Internal Combustion Engine alternatives, and 25 of 27 EVs having lower maintenance costs than their ICE alternatives. The biggest disadvantage of EVs was depreciation, largely due to the higher purchase price of most EVs studied.

“Our study found that just over half of the EVs analyzed will save buyers money over 5 years, even if we eliminate the advantage some EVs have due to federal tax credits,” said David Wurster, Vincentric president.

This Vincentric analysis assumed that all vehicles were driven 15,000 miles per year over the next five years. Results were based on federal EV tax credit qualifications and vehicle pricing as of Feb. 10, 2023.