Keeping up with the many changes that the country’s undergone in the past few years due to economic downtown and a new Congress, there’s a new phenomenon on the horizon: electric cars.

The technology has been around for the better part of a decade but not only has the demand lacked, but there hasn’t been much support for the concept in general.  It’s been a confusing topic—many people distrust cars that aren’t gas-fueled, feeling them to be just a modernized wave that’s going to collapse before you know it.

But the reality is that the gas-powered car has already begun its slow bow out of the American mainstream.

Currently the cars are still expensive, ranging from $20-40 thousand.  Granted, many gas powered cars rank in around the $20K mark, but that’s where the electric cars bottom out.

But the majority of gas-fueled car expenses stem from oil and fuel, both of which have wildly fluctuating prices.  Anyone who’s paid attention to gas prices in the past five years alone has realized that the gas-powered car is completely at the mercy of an untamable market, and dropping $50 per week on gas is never out of the question.

The economic benefits of electric cars start with the cost of fueling. As mentioned, gas prices are unpredictable, yet you can always count on it being higher than you’d ever want.  For years in the US, the average price has been (roughly) $3 per gallon, often jumping up to close to $5 per gallon (usually in the summer time, when lengthy travel increases).

When it comes to an electric car, these costs are cut by 1/3 to 1/5, theoretically.  Given current electricity costs, it’s estimated that most cars could travel 40 miles for just over $1 in electricity, when it would likely cost well over $3 in gasoline to do the same.

Granted, there are limitations.  For example, electric cars aren’t necessarily equipped to travel long distances.  Making even a 100 mile road trip on an electric car is questionable in today’s market, where repowering stations are brand-spanking-new and very hard to come by.  Therefore, when using an electric car as a prime source of travel, you’re going to be significantly limited.

Because you’re limited, however, you’re going to be using less energy.  If you only drove your gas-powered car 40 miles a week, you’d save a substantial amount on gas.  Part of the advantage of a gas vehicle is that you aren’t limited as you are with an electric car—gas stations are everywhere.

Regardless, nothing changes the fact that currently in the US electricity costs a fraction of what gasoline costs, and that’s not to be changing anytime soon.

However, there are still a few advantages of electric cars over gas-powered ones.  Specifically, electric cars tend to feature hydraulic brakes, which are more dependable than many braking systems.  As a result, they need less maintenance.  Over time, this is going to save you a few thousand dollars (assuming you plan on keeping a car for many years).

The economic advantages of buying an electric car are vast, but mostly theoretical.  Specifically, the technology may not have developed enough to be an advantageous purchase just yet.

Because of the lack of powering stations, their practicality at the present time is low.  This doesn’t mean that it won’t change (in fact, it probably will over the next five years) but currently the system is such that you might not see the benefits of an electric-powered car for some time.

Secondly, if you have a functioning car, it might be worth hanging onto.  Buying an electric car is going to likely result in a large car payment which might negate the advantage of buying a car which you put less money into.

In summary, the cost of electricity is still currently much lower than that of gasoline, so it makes sense to switch to an electric-powered car sometime in the near future.  But presently, the technology is in such a state that it might not help unless you’re willing to put more in on the front end.