Purchase Price
EVs typically cost $2,800 more upfront than comparable gas-powered vehicles, though this gap is narrowing as battery technology improves and production scales increase.
Fuel & Energy Costs
- EVs average 3–5 cents per mile (national electricity rate of ~15¢/kWh), translating to ~$1,500/year for 15,000 miles.
- Gas vehicles cost ~15 cents per mile ($3.50/gallon, 25 mpg average), totaling ~$2,100 annually.
- Example: A gas car driver spends 3–4x more per mile than an EV owner.
Maintenance & Repairs
- EVs eliminate oil changes, spark plugs, and emissions tests, reducing maintenance costs by ~50%. Brakes last longer due to regenerative braking.
- Gas vehicles incur higher costs for engine maintenance, transmissions, and exhaust systems over time.
Depreciation
- EVs depreciate faster due to rapid technological advances and higher initial pricing (e.g., Hyundai Kona Electric lost $15,305 vs. gas Kona’s $9,795 over three years).
- Gas vehicles generally retain value more predictably, especially popular models like the Toyota Camry.
- Exception: Premium EVs like Tesla Model 3 hold value better than budget EVs.
Long-Term Savings
Over 7–15 years, EVs save $7,000–$11,000 due to lower fuel and maintenance costs. For example, the Ford F-150 Lightning was $2,664 cheaper to own than its gas counterpart over three years. However, high depreciation can offset savings for non-premium EVs.
Summary
| Factor | EV Advantage | Gas Vehicle Advantage |
|---|---|---|
| Upfront Cost | ❌ Higher initial price | ✅ Lower purchase price |
| Fuel Costs | ✅ 3–4x cheaper per mile | ❌ Higher long-term expenses |
| Maintenance | ✅ 50% lower costs | ❌ Regular engine upkeep required |
| Depreciation | ❌ Steeper losses for most models | ✅ More stable residual values |
| Total Savings | ✅ $7k–$11k saved over 7+ years | ❌ Higher lifetime operational costs |
EVs deliver superior operational savings, while gas vehicles remain cheaper short-term for budget-conscious buyers. As battery costs decline and charging infrastructure expands, EVs are poised to dominate long-term cost efficiency.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-do-electric-vehicles-compare-to-gasoline-powered-cars-in-terms-of-long-term-costs/
