- The average new EV sales price is around $52,000, 8.5% higher than the overall industry average.
- EV prices are closing the gap with ICE vehicles.
- More affordable EV options are available, such as the Chevrolet Bolt.
- State and federal EV incentives can reduce the initial purchasing cost of an electric car.
Fuel Costs: Electricity vs. Gasoline
- Charging an EV at home can cost around $60 per month, depending on mileage and fuel efficiency.
- Public charging stations can cost between $0.30 and $0.60 per kilowatt-hour.
- Fueling a gas-powered car can cost more than double the price of charging an EV.
- EV
owners win out when it comes to fuel costs, with a 2018 study showing
that the average cost to fuel an electric car was $485 a year, compared
to $1,117 for a gas-powered vehicle.
Maintenance Costs and Requirements
- Electric vehicles have a clear leg up on maintenance costs, with fewer parts to replace and maintain.
- EVs also have the unique feature of “regenerative” braking, which saves on brake pad replacements.
- Electric
cars still require some basic maintenance, such as service checks and
tire rotations, but overall, they are cheaper to maintain.
Electric Vehicle Maintenance Tasks
- EVs require less maintenance due to fewer moving parts, but still need periodic checks to keep the warranty in effect.
- Routine visits include checking tires, replacing wiper blades and air filters, and refilling windshield washer fluid.
- Depending
on the automaker and model, additional checks may be required, such as
coolant level checks and power inverter inspections.
- Battery replacement may be needed for EVs older than 8-10 years, with prices ranging from $5,000 to $10,000.
Lifetime Costs and Savings
- To calculate the lifetime costs of an electric car, consider the
up-front costs, efficiency, driving habits, regional electricity costs,
and maintenance costs.
- A 2024 study found that owning an EV
would always be cheaper than owning a gas-powered car, with net savings
ranging from $7,000 to $11,000.
- Plug-in hybrids can also be a cost-effective option, with the ability to drive mainly on electricity.
Registration and Insurance Considerations
- 33 states have imposed an additional EV registration fee, with eight states demanding an additional $200 or more per year.
- EV car insurance is likely to be more expensive than ICE vehicle coverage.
- EV insurance prices have decreased over the last two years, depending on the make and model.
FAQs and Considerations
- Is it expensive to maintain an electric car? Based on real-world
data, maintaining an electric car should not be as expensive as
maintaining a regular gas-powered car.
- How often does an
electric car need to be serviced? Electric vehicles are recommended to
be serviced twice a year for the vehicle system and tire rotations.
- What
are the disadvantages of electric cars? Electric cars have a limited
driving range compared to traditional cars, and charging stations are
still not as widely available as gasoline stations.
Conclusion
- Electric cars can be a cost-effective option for many drivers, with lower fuel and maintenance costs.
- While upfront costs may be higher, incentives and lifetime savings can make up for the difference.
- As
technology advances and more affordable options become available,
electric cars are becoming an increasingly viable choice for
environmentally conscious and budget-savvy drivers.
Costs
