With gas prices up over 58% compared to last year, you might be thinking about switching to an electric car to save money. 

But considering that electric vehicles tend to be more expensive than gas-fueled cars, and that electricity has its own costs, is it actually cheaper to go electric? The short answer is yes — although it also depends on your driving habits, where you live and the type of vehicle you buy, too. You may even want to consider a hybrid vehicle that has both a gas and electric engine.

Here’s a look at how the costs of electric vehicles compare to gas-only cars.

Electric vehicles have a higher upfront cost 

The average transaction price for an electric vehicle (EV) is $56,437, according to Kelley Blue Book — roughly $10,000 higher than the overall industry average of $46,329 that includes gas and EVs. In terms of pricing, an EV is equivalent to an entry-level luxury car. 

To save time charging EVs and extend battery life, many drivers also install what’s known as “Level 2” […]