The Economic Viability of Electric Vehicles: A Comprehensive Cost -Benefit Analysis

The evolution to electric vehicles (EVs) from internal combustion engine (ICE) represents one of the most notable technology-driven supply and demand changes in modern transport. Also, while the environment looks rosier for EVs in terms of reduce emissions and reliance on fossil fuels, it remains to be seen just how financially viable they truly are. In this paper, we conduct an in-depth economic cost and benefit analysis on EV adoption including purchase price, operating/maintenance costs, government incentives and long-run savings. It also considers wider economic effects such as employment, technological change, and environmental externalities in international case studies. The study reveals that EVs are inherently expensive, but battery cost curve trends, supportive policies, and operational savings throughout the entire period of analysis justify for the long-term cases.