Those late 1980s hallmarks harken back to the days of $1-a-gallon gas, and that's what you're in for – forever – if you drive a battery electric vehicle, says Green Car Reports, citing a study from Natural Resources Defense Council staff member Max Baumhefner.
Baumhefner found that, while oil and gas prices fluctuate because of various supply shocks and political shenanigans, electricity prices stay relatively constant, meaning that the cost of juicing up an EV isn't going to change much. Additionally, our friends at Green Car Reports found a Union of Concerned Scientists study that estimated that EV drivers can save as much as $1,200 a year in the form of lower refueling costs when compared to gassing up conventional vehicles.
Either way, the study addresses the very topical issue about how much more it costs to buy an plug-in vehicle or a hybrid, and how quickly it takes to pay off the extra chunk of cash in the form of refueling savings. The subject is topical enough for the U.S. Environmental Protection Agency to launch a new webpage on FuelEconomy.gov to calculate how long it takes to pay off the higher price tag of most hybrids (electric vehicles haven't yet been added to that page). Many of the better-selling hybrids, such as the Toyota Prius and Honda Insight, take about five years to pay off, while hybrid SUVs often take about half that time because of the more drasctic savings compared to the their gas-guzzling counterparts.