Costs to Operate an Electric versus a Gas-Powered Vehicle
Operating costs are one key factor to consider when deciding between an electric vehicle (EV) and a gas-powered vehicle. Although the upfront costs of purchasing an EV may be higher, there could be significant payoffs in fuel, maintenance, and other savings. Below, we will explore some key differences in operating costs for EVs and gas-powered vehicles.
Electric vs. Gas-Powered Vehicles
Fuel: One of the most significant benefits of an electric vehicle (EV) compared to a gas-powered vehicle is that charging an EV is typically cheaper than filling your tank with gas. According to CNET, EV users would spend about $66.66 monthly on recharging costs versus $182.50 monthly on fuel. Charging your EV at home is cheaper than charging it at a public charging station, as these stations tend to be more expensive, and relying only on them will significantly increase the price you pay for charging. Charging your EV at home, overnight during off-peak hours, will help you save. Home charger installation can be a hefty upfront price, costing nearly $2,000 for parts and installation. Gas prices are volatile and constantly changing, ranging from $3 to $5 in recent years. While electricity rates vary regionally, you will likely pay less to charge an EV than to fill your tank with gas. If you are looking for the best fuel economy, gas-powered vehicles with hybrid systems can be a good alternative.
Annual maintenance requirements: Maintenance requirements are important to consider when evaluating a vehicle's long-term costs. EVs typically require less maintenance than gas-powered vehicles because they have fewer moving parts. For example, EVs use fewer fluids, such as engine and transmission. The battery, motor, and other components, such as the brakes, require less maintenance. You will, of course, have some maintenance to do, including tire rotations, service checks, replacing wiper blades and wiper fluid, and replacing cabin air filters. While maintenance may be less expensive, it may cost more to repair your EV if there is an accident. According to Mitchell, repairing an EV costs nearly $1,000 more than a gas-powered vehicle.
Gas-powered vehicles require more regular and consistent maintenance. Oil changes, spark plug changes, car air filters, timing belts, and fluid exchanges are all part of a regular maintenance routine and can add up quickly. Brake maintenance is also more frequent for gas-powered vehicles because they do not have regenerative braking like an EV. According to AAA, electric vehicle maintenance costs are about $949 annually, which is $330 less than a gas-powered vehicle.
Battery replacement: While an EV can save you money on maintenance, battery replacement can be higher. According to Recurrent, EV battery replacement can range from $5,000 to $16,000. The battery replacement price has decreased significantly since they were first introduced, and these batteries are designed to last the vehicle's lifetime and have low failure rates. Many factors can affect the price of EV battery replacement, including whether the car is still under warranty, installation, and the type of battery your EV requires. For example, a less expensive EV will need a small battery that costs less to replace, and luxury EVs may have larger batteries that will be more expensive. Most of the time, though, replacement happens while the battery is still under warranty, which is 8 years or 100,000 miles. The advanced batteries in an EV only have a certain amount of charging cycles, and things like rapid charging and heat can make them degrade faster, affecting battery lifetime.
While battery replacement costs for a gas-powered vehicle are not comparable, aging engines and transmissions can require expensive maintenance or replacement, typically ranging from $3,000 to $7,000 and occurring as the car approaches 10 to 15 years of age.
When comparing the costs of operating an electric vehicle versus a gas-powered car, it’s clear that maintenance and fuel costs for an EV are lower than that of a gas-powered car. These lower operating costs help to offset the potentially higher upfront costs of purchasing an EV. Considering that you may be eligible for tax credits and can reduce your carbon footprint, it’s an interesting argument. So, what will you choose?
Costs to Operate an Electric versus a Gas-Powered Vehicle
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