As gas prices continue to rise, more and more drivers are exploring the benefits of electric vehicles (EVs). While some people choose EVs for their environmental benefits, others are driven by the potential cost savings. So, are EVs really cheaper to drive and maintain? Let’s take a closer look and find out.
*For the purpose of this analysis, the term “Fuel” includes both the cost of gasoline for ICE vehicles and the cost of electricity for EVs.
Electric vs. Gas
Picture this: You’re at the gas station, watching the numbers on the pump climb higher and higher. Meanwhile, your neighbour with an EV is having a latte and catching up on their emails while their car re-charges for a fraction of the cost. The automotive research company Vincentric recently conducted a study comparing over 5,300 vehicle configurations from the 2023 and 2024 model years. On average, EVs saved $8,165 in fuel costs compared to gas cars, with savings ranging from $3,912 for the 2023 Nissan Ariya to an impressive $14,051 for the 2024 Audi SQ8 e-tron.
It’s not just a few states benefiting from cheaper EV charging, either. A recent Washington Post article confirmed that charging an EV is now cheaper than filling up a gas-powered car in every state. Imagine the relief of driving past gas stations not caring about the rising neon numbers.
But EVs Have a Higher Price Tag
It’s true, that some EVs can come with a higher initial purchase price. However, the Vincentric study found that for 33 more expensive EVs, 11 had high enough fuel cost savings to completely recover their greater purchase price. This means that over time, the savings on fuel can outweigh the higher upfront cost.
Considering Efficiency
When it comes to efficiency, not all EVs are created equal. Efficiency is measured by how many kilowatt-hours (kWh) of electricity an EV consumes per 100 miles. This is an important factor to consider when choosing your EV, as it can impact your overall savings.
Maintenance Costs
Beyond fuel savings, EVs also offer lower maintenance costs. Say goodbye to oil changes and hello to regenerative braking. The 2020 consumer report shows that EVs cost 50% less to maintain than gas-powered cars. The Vincentric analysis also found that 37 of 41 EVs analyzed had lower maintenance costs than their ICE alternative, with fewer components and moving parts, EVs reduce routine maintenance costs.
The Bottom Line
So, are EVs really cheaper to drive? The answer is a resounding yes. While the initial purchase price of an EV can be higher, the savings on fuel and maintenance costs over time make them a financially savvy choice. Plus, the peace of mind knowing you’re contributing to cleaner air and a brighter future is priceless.