A lot of people turn themselves away from the prospect of owning an electric vehicle. Reasons for this may be the cost or overall reliability of the car. While these concerns are valid, research suggests that buying a vehicle strictly based upon pricing may not be the wisest approach.

Since the majority of drivers finance their vehicles, consider approaching cost not by the sticker price, but how much it will cost you per month for your car.

When you look at purchasing a vehicle from the standpoint of factoring in fuel savings, maintenance costs, and state incentives for electric vehicle purchases, buying an electric vehicle may start to look a lot more economical than purchasing a gas car.

Researchers studied six electric models: the Hyundai Kona Electric SEL, the Kona Electric Limited, the Ford F-150 Lightning Pro, the Kia Niro EV EX Premium, the Volvo XC40 Recharge Plus, and the Nissan Leaf. Each model was compared against an equivalent combustion-engine vehicle from the same brand.

The firm determined the monthly cost to own each vehicle over its financing term, including loan payments, maintenance, gas/electricity costs, insurance, and other taxes and fees. Researchers modeled costs across all 50 states, accounting for a federal $7,500 tax break for clean-vehicle purchases, state-specific programs, and energy costs in different states.

The Kona Electric SEL and F-150 Lightning Pro were cheaper to own per month in every state despite carrying a $10,000 premium over their gas counterparts. Annual savings for those vehicles added up to $800 and $1,400, respectively. Three other models — the XC40 Recharge, Leaf, and Kona Electric Premium — had cheaper monthly costs in about half the country. Where they were more expensive, it was often by $15 or less, the report said.

Once a loan for an electric vehicle is paid off, the overall costs for the consumer drop significantly since he or she does not need to factor in the cost of gasoline. According to the report, costs can range between a savings of $1,500-$3,000 per year compared to a gas-powered car.