Is Maintaining an Electric Car More Cost-Efficient?
Much has been written about electric cars, but there is very little information about what it costs to maintain your EV. Let’s break it down.
Here's What You Can Expect
At the time of this writing, the cost to purchase a new all-electric car is more than the same model car as a gasoline powered vehicle. But with the advent of more EV models in the marketplace in the next few years and improved, less-expensive batteries, that difference in cost will disappear. This leveling out could happen as soon as 2022.
Electric vs Gas: Fuel and Maintenance
When it comes to ongoing fuel and maintenance costs on an electric vehicle, the costs are lower. This is partially because EVs have fewer moving parts than internal combustion powered vehicles. Fewer parts wearing out means fewer bills from your mechanic. Let’s start with fueling costs. The electricity used to drive 15,000 miles per year in an EV costs around $550 per year. That’s about $45 per month. The amount of gasoline used to drive the same distance will cost you close to $1,300 per year.
Some maintenance costs are the same for both electric and gas cars. You still have to buy tires, for instance. You’ll have to make sure your suspension system is cared for. We’re talking components such as shock absorbers and struts. While you might eventually have to change your brake pads on an electric vehicle, regenerative braking systems on EVs use resistance from the electric motors to slow the vehicle. For that reason, brake pads don’t get used as much as on conventional gas-powered cars and brakes don’t wear out as often on EVs.
If maintained according to the manufacturer’s recommendations, electric vehicles cost on average $330 less per year than their gas-imbibing counterparts. According to Consumer Reports, EV drivers pay half as much to repair and maintain their vehicles. Consumers who own an electric car can expect to save an average of $4,600 in repair and maintenance costs over the life of the vehicle compared to a gas-powered car.
EV Owner Survey Says...
As the number of electric vehicles on roadways in America grows, so does our collective approval of and confidence in this green form of transportation. In surveys of first-time EV owners, AAA discovered that 96% said they would buy or lease another electric vehicle the next time they were in the market for a new car. Two in five (43%) said they drive more now than when they owned a gas-powered car. On average, EV owners drive 39 miles per day. Three quarters (78%) of those surveyed also own a gasoline-powered car yet report driving their electric car the majority of the time (87% of their driving time). Almost all owners surveyed (95%) report never having run out of a charge while driving. Likely as a result of this experience, those who were originally concerned about insufficient range, became less or no longer concerned, post-purchase (77%).
If you think an electric car is in your future, check out all the current EVs that are available today on the GreenCars Marketplace powered by Driveway.