Electric vehicle operating costs over a five-year period show a mixed financial picture, with higher upfront costs partially offset by fuel and maintenance savings:
- Annual Cost Comparison
AAA’s study found EVs cost ~$600 more annually than comparable gas vehicles, translating to ~$3,000 extra over five years. This 8% higher ownership cost primarily stems from purchase price disparities, though exact figures depend on the model (e.g., Kelley Blue Book notes EVs average $61,488 vs. $48,681 for gas vehicles). - Fuel Savings
- EV charging: $546–$850/year
- Gas vehicles: $1,255–$2,450/year
Five-year difference: EVs save $3,545–$8,000 on fuel.
- Maintenance Costs
EVs require $330 less annually than gas cars for standard upkeep (no oil changes, fewer mechanical components). Over five years, this totals $1,650 in savings. Specific models like the Hyundai Kona Electric show $3,279 in maintenance savings over five years.
Net Impact: While EVs have lower operational costs, their higher purchase price keeps total ownership expenses slightly above gas vehicles. For a model costing $60,000, five-year ownership (including fuel, maintenance, and depreciation) would still be moderately higher than a $48,000 gas counterpart, but the gap narrows with longer ownership or government incentives.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-average-operating-costs-for-evs-over-a-5-year-period/
