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Possibly the greatest hurdle stopping the majority of people from buying an electric vehicle is that they think they’re more expensive. 

Ok, so it’s true that for now EVs do have higher sticker prices than similar fuel-powered vehicles. But if you add up all of the costs over the years you own your EV, it ends up being way cheaper. Let’s find out why.

Charging with electricity is cheaper than filling up with gas

Exactly how much cheaper will differ state by state and will depend on your utility provider. But on average, EVs cost less than half as much to fuel as a gas-powered equivalent. 

The other reason why EVs are so much cheaper per mile is because combustion engine vehicles are just not as efficient. ICE engines waste about 80% of the fuel’s energy, losing it to friction, wasted heat and noise. That leaves them only using roughly 20% of the fuel’s energy. In comparison, an EV converts a whopping 60% of the electrical energy to power at the wheels. 

The more you use your EV, the more you will notice the fuel savings and the faster you’ll notice how much money you’re saving.

EVs require less maintenance

Owners of gas-powered vehicles will find that maintenance costs really stack up over time, with EVs, not so much! With so few moving parts, no spark plugs to replace and no oil to change, maintenance costs are virtually non-existent. Also, thanks to the regenerative braking systems on EVs, brake pads and discs don’t need replacing as often either.

It’s not just the regular maintenance that works out cheaper either. Gas-powered vehicles contain hundreds of parts that could break and may need replacing over time – more so as the car ages. This can lead to expensive breakdowns and the need for emergency repairs over the vehicle’s life.    

The most an EV normally needs is an annual check-up to see that the motor is running smoothly. People used to think that you’d need to replace the battery pack after a few years, but most EV batteries will actually now outlast the life of the vehicle itself.

 All of these factors add up to make EVs about half as expensive to maintain as a similar ICE vehicle, making quite a difference over time.   

EV prices keep on falling

Even if for the moment EVs are still a little more expensive to purchase than similar ICE vehicles, some experts predict that by as early as 2025, battery prices will have fallen so much that sticker prices will be the same. This date of ‘price parity’ may even come quicker if governments start offering more rebates or tax breaks to help bring down the price. 

 When you look at all of the costs that add up over the years that you own a car, there’s so much more to consider than just the purchase price. Considering all of these factors, EVs win the price wars and will cost you less. And when the upfront costs match, there’ll really be no stopping them!

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This post was written by simplistics

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