Electric Cars: More costly to own than Gasoline Models?

One of the big selling points of electric vehicles is that, though they cost more upfront, over time you can save money, as you’re not buying gas.

Over three years, electric cars could be more expensive to run than their petrol equivalents. What’s amazing is where the figures come from: Mitsubishi, which is getting set to launch its own electric car, the Mitsubishi i-MiEV. The high purchase prices, and the rapid depreciation, are what may build electric cars uncompetitive financially.

Any new-car buyer takes a beat on depreciation. Some estimates say that new cars can lose up to 20 percent of their worth the minute they’re driven off the dealer lot.

To aim and minimize this ‘battery fear’ both Mitsubishi and Nissan will guarantee battery life. Mitsubishi says its batteries will be guaranteed for 62,500 miles, but should work, at least partly, for up to 100,000 miles.

Of course, while it may charge more to own an electric car than a gasoline-powered one, there are other profits to going gasoline free, like no tailpipe emissions.

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