Are Electric Cars Cheaper to Maintain Than Gas Cars? A Cost Comparison-ElectriVerse

• 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.