Study shows that cost of electric vehicles will begin to drop

Electric cars are slowly entering the mainstream market, and more car companies are making efforts to provide their customers with hybrid and all-electric options. However, these cars tend to be drastically more expensive than gasoline-only versions of the vehicles. A recent report by the Low Carbon Vehicle Partnership shows that, over time, the gap between the total cost of ownership of gas and electric vehicles will narrow.

"Drivers will need to embrace ultra-low carbon technologies like electric and hydrogen vehicles as one of the measures to avoid dangerous climate change," said LowCVP managing director Greg Archer. "But for many drivers to switch, these cars must be both appealing and no more expensive to own. This study indicates that the cost of electric and hydrogen fuel cell vehicles will fall substantially and, with modest tax and other incentives, could be as cheap to own as conventional cars within the next 15 to 20 years."

While the study took place in the UK, the automotive industry tends to grow and change on a global scale, so drivers in the U.S. can hope for comparable changes in the coming years. Until the cost of electric vehicles comes down, drivers can keep their current cars running smoothly with an extended warranty.