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In the long run, it is cheaper to own an electric vehicle — which is why so many Americans are ditching gas-powered cars when looking to add a new vehicle to their household.
Hybrid electric vehicles such as the Toyota Prius are not actually alternative fuel vehicles, as they still use traditional fuels such as gasoline, but through advancement in electric battery/supercapacitor and motor-generator technologies, they have an overall better fuel efficiency than conventional combustion vehicles. [2]
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The term "electric car" typically refers specifically to battery electric vehicles (BEVs) or all-electric cars, a type of electric vehicle (EV) that has an onboard rechargeable battery pack that can be plugged in and charged from the electric grid, and the electricity stored on the vehicle is the only energy source that provide propulsion for ...
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Total cost of ownership of electric cars is often less than petrol or diesel cars. [84] In 2024 Gartner predicted that by 2027, next-generation BEVs will, on average, be cheaper to produce than a comparable ICE“. [85] In China, BEV are now cheaper than comparable combustion cars. [86] The development is driven by subsidies in the Chinese market.
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Federal tax credits can even make an electric car cheaper than a similar gas-powered model. At the same time, automakers have made tremendous strides to address range anxiety.
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