Do EVs really save money? It depends

After Russia's invasion of Ukraine spurred record-high gas prices at U.S. pumps, many people have debated whether owning an electric car instead of a gasoline one could be a wise investment.

It might seem like a simple question, but it has a very complicated answer.

"You can't really get out a calculator and do this at home," said Tom Taylor, policy analyst at Atlas Public Policy, a consulting firm based in Washington, D.C. "It's really difficult."

According to a February analysis by the firm, electric vehicles do tend to cost less in the long term than some of the most popular gasoline cars. But that depends on a number of variables, including how many big-buck accessories you order and whether you primarily stay close to home or like to take road trips.

There are many studies and articles online comparing the costs of electric vehicles to gas ones. But, Taylor warned, customers need to closely read these studies to truly understand what the numbers mean.

According to the Atlas Public Policy analysis, while the initial purchase price for electric vehicles tends to be higher than for gas ones, other expenses such as fuel, maintenance, insurance and taxes bring the total ownership cost for electric vehicles down in the long term, ending up cheaper than many gasoline alternatives.

The analysis compared costs of two similar sedans: a 2022 Toyota Corolla — a gas vehicle — and a 2022 Chevrolet Bolt, which is electric.

But the upfront costs are only one part of the equation.

After running calculations based on eight years of driving, the total cost of owning the Chevrolet Bolt would reach $47,325. In comparison, the total cost of owning the Toyota Corolla would reach $50,350.

"You can see that particularly maintenance and fueling of the vehicle are really significant cost savers for electric vehicles," Taylor said. "So electric vehicle owners save a lot of money from those two elements in particular compared with their gasoline equivalent."

The average yearly cost to run a gas vehicle in the United States is estimated to be $4,336, compared with $3,679 for an electric vehicle, according to Self, a financial technology company. Of course, the actual cost would be impacted by how much you end up paying for gas or electricity, the costs of both of which vary.

In addition to fuel, the Self study considered factors including insurance, EV incentives, taxes, registration fees, maintenance and emission tests.

While electricity costs also vary by area, the savings are most noticeable for EV owners who charge their vehicle at home. This can cost as little as "a dollar or two each day," according to the Wall Street Journal.

But if you go on a road trip, costs can add up and flip the answer. The Wall Street Journal reported that in most cities, stopping at fast-charging electric stations actually can be more expensive than stopping at regular gasoline stations.

The total cost of ownership also is impacted by the level of demand for the vehicle you're interested in buying.

"EVs are great if you can get them," Morgan Stanley analyst Adam Jonas told CNBC.

In that regard, while electric cars overall seem to be cheaper to own than gasoline ones over time, now might not be the best time to buy them, Michelle Krebs, executive analyst for Autotrader, told NJ Advance Media.

"Even for people who want to switch to electric, they have nowhere to go," Jessica Caldwell, executive director of insights at Edmunds.com, told CNBC. "Anything you're looking to buy, you're on a waitlist — or even if you're looking to downsize your purchase, you're paying top dollar."

Still, rising prices at the pump are encouraging many to consider the electric alternative.