Electric cars have a lot of perks: zero emissions, a quiet ride and instant acceleration. But can they save you money? Probably not.
Electric car prices are falling, but they still cost more than equivalent gas models because of their expensive batteries. A $7,500 (roughly Rs. 4.82 lakhs) federal tax credit - which survived the recent tax overhaul - helps erase that gap, but not entirely.
After that, the math gets more complicated. Some states and utilities offer incentives for electric vehicle owners. Plugging in an electric car is generally cheaper than filling up a gas-powered one, but that depends on the local price of gas and electricity. Some people can charge their electric cars at work, but others need to add a charging station to their garage.
For Ronald Montoya, a consumer advice editor with the car shopping site Edmunds.com, the bottom line is price. With gas prices averaging $2.56 (roughly Rs. 165) per gallon, it's hard to make up the price premium of an electric vehicle - which can easily top $10,000 (roughly Rs. 6.43 lakhs) - within a three-year lease period, he says. Electric car drivers are more likely to lease than gas car buyers; for example, 57 percent of Nissan Leaf[1] electric cars are leased, compared to 30 percent of cars overall, Edmunds says. (Edmunds regularly provides content, including automotive tips and reviews, for distribution by The Associated Press.)
Still, electrics have benefits, both tangible - like lower maintenance costs - and intangible. Owners can drive them in high-occupancy vehicle lanes, for example, or simply feel good that they're causing less pollution.
"We are still a car culture, and some of our personal identity is tied up in our cars," said David Friedman, director of cars...