The clear answer is – it depends. If you are looking to commute shorter distances and not long trips – then EVs can be a great choice. But, if you go on longer commutes in smaller towns, they just won’t cut it. So, it is worth looking at the pros and cons of EVs. This is specifically for economic contexts given this question.

The Pros:

Environmental Friendliness: With less CO2 emission, EVs are more friendly to the green philosophy.

Fewer Stops (with a caveat): Modern EVs can go over 200 miles on a single charge. So, your habits will decide.

Growing Options: Although Tesla is synonymous with EV cars, now even Toyota is coming to the market.

Fuel Savings: Though it can vary, EVs need 60% less money to power them.

Maintenance Savings: Research shows that EV owners spend about half as much to repair and maintain, compared to gas car owners. That accounts for about $4,600 throughout the car’s lifetime.

Lower Taxes: US federal government provides higher tax breaks to owners of EVs.

Source: Evannex

The Cons:

So, at the end of the day, it will depend on your location, usage habits, budget, and so
forth.

Less Range: The EV VW e-Golf can go 125 miles on a
single charge. But the much more expensive Lucid Air Dream Edition R was rated at 520 miles of EPA-certified road-tripping. However, exceptions cannot be examples. Therefore, it cost a lot
more to get a good range on an EV. Thus, the range is one of the primary
dealbreakers for many.

Longer Charging Time: At high-speed stations, EVs need about an hour to reach 90%. Otherwise, it may
well take over 3 hours to go from zero to full-on slower stations.

Poor Charging Infrastructure: Like its namesake, EVs need electricity to charge. Shockingly, the EV charging infrastructure is still quite poor in the US. It’s even worse in the other parts of the world. This is one of the primary drawbacks of electric cars currently. So, interstate trips are almost a no-go.

Less Resale Value: EVs lose value much faster than gas cars. This article articulates how much lower the prices of used EVs are compared to gas cars.

High Prices: EVs are expensive. Although they are good for the environment, they are often out of the reach of the average consumer. On top of that the batteries are exorbitantly expensive should you need to replace them.