Are Electric Vehicles Really More Expensive To Drive Than Gas?

The future of the automotive industry is an exciting and often debated topic amongst car enthusiasts, climate activists and environmentalists alike: the growing presence of electric vehicles on our roads calls for an even bigger discussion. Are electric vehicles really more expensive to drive than their gasoline-based counterparts? Many factors are involved when assessing the bottom-line cost per mile of driving an electric or gas-powered vehicle, making it a fascinating and complex topic. Keep reading to take an in-depth look at how electric vehicles compare to gas-powered cars when it comes to cost.

Table of Contents

• 1. A Look into the True Costs of Driving an Electric Vehicle
• 2. The Cost Advantages of Electrics versus Gas-Powered Vehicles
• 3. Hidden Expense in Electric Vehicle Ownership
• 4. Taking the Bottom Line: Is It Really More Expensive to Drive an Electric Vehicle?
• Q&A

1. A Look into the True Costs of Driving an Electric Vehicle

Purchasing an electric vehicle can be costly, but its real price tag is much more than the sticker value. Today, electric vehicles are a viable option for the eco-minded consumer looking to help reduce their carbon footprint while also enjoying the benefits of cheaper lifetime fuel costs. However, there are other factors to consider, from insurance to repair costs, that drivers should be aware of.

The hidden costs include:

• Installation costs for charging equipment like wall mounted chargers, and for running lines from the main grid if necessary.
• High maintenance as most electric vehicles require more frequent servicing with fewer intervals between checks.
• Battery replacement costs can run into thousands of dollars and can significantly reduce the economic lifespan of the vehicle.
• Unfavorable insurance rates as some companies view electric vehicles as more prone to accidents and offer more expensive insurance rates.

Although a higher up-front investment, owning an electric vehicle can still be a financially sound decision over the long-term. There are government incentives available in some regions to offset initial costs and a range of savings to be had through lower fuel and maintenance costs. Electric cars are becoming an increasingly realistic option and the eco-friendly element and lower lifetime cost add to their appeal.

2. The Cost Advantages of Electrics versus Gas-Powered Vehicles

In a world increasingly leaning toward electrification of transportation, one of the main advantages has been the incredibly cost-effective way electric vehicles have been able to compete with their gas-dependent cousins. Here are some of the ways electric vehicles offer cost savings over their more traditional counterparts:

• Leasing or financing cost: Typically, electric vehicles are sold at a lower cost, meaning the cost to lease or finance an electric vehicle will also be lower.
• Fuel cost: Electric vehicles require no fuel – no gasoline, no diesel, or even natural gas. This can mean significant savings in comparison to gas-powered vehicles.
• Maintenance cost: Due to the lack of fluids, gaskets, fuel lines, or a need for regular oil or filter changes, regular maintenance costs on an electric vehicle can be relatively low.

Some of the other advantages of electric vehicles are also associated with cost savings – better aerodynamics mean better efficiency and less energy consumption, and fewer moving parts mean a reduced need for replacement materials and a stronger resale value. In addition, electric cars are exempt from certain taxes, fees, and registration costs that traditional gas-powered cars are liable for.

3. Hidden Expense in Electric Vehicle Ownership

Electric vehicles can seem initially appealing due to their low running and maintenance costs, but there are a few hidden expenses that often fall out of sight. Whether it’s from poorly maintained infrastructure, mandatory fees, or high installation costs, the extra expenses stack up quickly.

Before getting into the hidden expenses, it’s important to first keep in mind the following:

• Costs for all electric vehicle related items can vary greatly based on your area and model.
• Fees and installation requirements are subject to changes over time and from region to region.

Inspection and Repair Fees
Due to the increasing number of electric vehicles on the street, inspection and repair fees are slowly increasing as well. Regularly repairing brakes, suspension systems, and other areas can quickly add up and become costly if not properly managed.

Charging Station Installation Costs
Depending on where you live, charging station installation costs can be quite expensive. Homeowners may have to pay to have their home approved for the installation of a charging station. Some states may even require that a licensed electrician give you an additional external safety review.

4. Taking the Bottom Line: Is It Really More Expensive to Drive an Electric Vehicle?

When we look at the bottom line costs for electric vehicle owners, there are a few key factors to consider. For starters, electric vehicles have lower fuel costs. Electric vehicles, like plug-in hybrids, don’t require gasoline, so you won’t have to pay for gas ever. On top of that, electric vehicles also don’t require oil changes or other similar maintenance costs, resulting in potential long-term savings over traditional gas-powered cars.

Although electric vehicles may cost more upfront, the long-term savings can outweigh the initial costs. In addition to lower operating costs, electric vehicles also tend to have more generous tax credits and rebates, depending on where you live. These credits can significantly reduce the cost of ownership and make electric vehicles much more affordable in the long run. So it’s safe to say that electric vehicles can actually be more cost-effective in the long run.

• Electric vehicles don’t require gasoline or oil changes.
• Electric vehicles tend to have generous tax credits and rebates.
• Long-term savings can outweigh upfront costs.
• Electric vehicles can be cost-effective in the long run.

Q&A

Q: Are electric vehicles really more expensive to drive than those that run on gas?

A: It depends on the type of driving you do. EVs may be more expensive up-front, but typically cost less over their lifetime. The total cost of ownership of electric vehicles depends largely on the local cost of electricity, driving habits, and your state’s incentives. In many cases, EVs cost less to fuel and maintain than traditional vehicles, so you can save money in the long run.

The debate surrounding electric vehicles continues. Nonetheless, it is clear that electric vehicles are becoming increasingly more popular and accessible each year due to their fuel cost savings and their decreased emissions. So if you’re considering an electric vehicle, rest assured that you’ll save money, as well as contribute to a cleaner environment.