Now even though the costs associated with an electric vehicle are lower, it really depends what you’re comparing it to. If it’s insurance you’re concerned about, then this really differs from state to state, so make sure you look into this before buying an EV.
The Tall Tesla Guy, for instance, points out that in switching from an older SUV to a new Tesla Model Y, his yearly insurance (for two vehicles) went up by just over $10. He points out, the unnamed SUV that was replaced by the Model Y was far less valuable, so this slight bump in annual insurance cost is not excessive.
He also goes into another topic that causes confusion for people who are thinking of switching to an EV. The Tall Tesla Guy lives in Ohio where the electricity rate is roughly 13 cents per kWh and he mostly charges the Model Y at home (usually up to around 80 percent every day). He explains that since he got the Tesla, his monthly household electricity bill has only gone up by $12 - $15.
However, even though the electricity bill has gone up, there are no longer any fuel bills to worry about, and basic maintenance should also be cheaper with an electric vehicle too. As you probably know if you’re interested in electric vehicles, due to their higher torque outputs (and the way it is delivered), an EV tends to use up tires quicker than a similar gas-burning car; this is not always the case, but it is also something you should factor into your decision - check out the video for all the details.