Electric Vehicles vs. Gas Vehicles
Sticker Prices Compared
Although the gap continues to close each year, the simple fact is that electric vehicles currently carry higher sticker prices compared to their gasoline counterparts. However, it’s important to consider a few other factors that can level the playing field between the two types of vehicles. Depending on the manufacturer and the model itself, your new electric vehicle could qualify for state and/or federal tax incentives that can help to offset the purchase price. Conversely, it’s important to consider how you intend to charge your new EV. Installation for a Level 2 home charging system adds tremendous convenience but can add a few thousand dollars in additional costs as well. Once you consider potential tax incentives and charging station installation costs, you’ll have a better idea of how a conventional vehicle and an electric model compare.
Fuel/Energy Costs Compared
Especially in today’s economic climate, electric vehicles have a clear-cut advantage over gasoline models when it comes to energy costs. Simply put, electricity is less expensive to power your car compared to gasoline or diesel fuel. In fact, current studies indicate that an EV is anywhere between half to a third as much to power compared to a conventional vehicle. It is important to remember that there are a number of additional costs that can come with charging an EV. For example, public charging stations tend to cost extra to access during peak hours or in remote locations. Additionally, electric costs can vary based on your specific location. Be sure to consider these factors when comparison shopping.
Maintenance Costs Compared
As a general rule, electric cars hold the advantage in terms of lower maintenance costs compared to a conventional vehicle. Since they have fewer moving parts and they don’t require oil change or spark plug replacements – servicing an EV is generally far cheaper than a gas model. Remember, EVs still need basic maintenance like tire rotations and software updates on occasion. Properly maintaining your vehicle is essential, whether it’s electric or gas-powered.
How to Calculate Lifetime Costs – Electric vs Gasoline Vehicles
Ready to make the final calculation and see which type of vehicle makes more sense for your lifestyle and driving needs? All you need to do is add up the ongoing costs for your vehicle of choice, determine how much you plan to drive, consider regional electricity and fuel prices, and crunch the numbers yourself.
In short, recent studies have indicated that over the lifetime of the vehicle, EVs have lower ownership costs compared to a gasoline vehicle. Although they’re often more expensive to purchase initially, their costs are easily recouped in the form of lower energy costs as the years and miles go by. However, it’s ultimately up to you to determine exactly which type of vehicle makes the most sense for your situation.