Are Electric Cars Cheaper to Own?

July 3rd, 2020 by Fix Auto USA

Which is more cost-effective: an electric or gas car? The answer depends on the make and model of the car, the amount of time a vehicle is driven, and other factors.

For those who are weighing the cost of owning an electric or gas car, it helps to perform a comprehensive evaluation of both types of vehicles.

Electric Cars vs. Gas Cars Cost

The U.S. Department of Energy Office of Energy Efficiency & Renewable Energy (EERE) points out that the cost to fuel a gas car is higher than the cost to fuel an electric vehicle. It also notes that electric vehicles are more efficient than their gas counterparts, and the cost to travel the same distance in an electric vehicle is less than 50% of that associated with a gas vehicle.

Although electric cars may be more affordable to operate than gas vehicles, it is important to consider the upfront cost of both types of vehicles as well.

Electric cars are generally more expensive than gas vehicles, EERE reports. At the same time, federal tax credits and other incentives are available to electric car buyers, which can lower the upfront cost of these vehicles. Many states offer tax credits and other incentives to electric car buyers, too.

Is It Cheaper to Maintain an Electric or Gas Car?

A study from Michigan’s Transportation Research Institute was used to evaluate the cost of maintaining electric and gas vehicles. In the study, researchers assessed the fuel costs associated with both types of cars, along with different components present in these vehicles and other factors.

The study revealed that the average cost to maintain an electric car in the United States was $485 per year. It also showed that the average cost to maintain a gas car in the United States was $1,117.

Why Are Electric Cars Cheaper to Maintain?

In the aforementioned study, researchers cited several reasons why it tends to be more expensive to maintain a gas car over an electric one. These reasons included:

• Electric cars have fewer moving parts than gas vehicles.
• Electric cars do not have an exhaust system.
• Electric cars do not require oil, a fan belt, and other repairs needed for gas vehicles.

When it comes to evaluating electric and gas cars, it helps to take a long-term approach. If you look beyond the initial cost of the vehicle, you can determine if the type of car corresponds to your budget and meet your needs for years to come. 

Is It Cheaper to Charge an Electric Car at Home?

Approximately 80% of electric car owners charge their vehicles at home, according to EERE. This is due to the fact that charging an electric car at home is simple and quick, and it typically does not put a major dent in a homeowner’s energy bill.

On average, the cost to charge an electric car with a 100-mile range and depleted battery is roughly the same as operating an average central air conditioner for six hours, EERE states. The charging equipment for an electric car can also impact the cost to charge a vehicle at home.

Level 1 electric vehicle supply equipment (EVSE) is usually cost-effective. It charges a car via a 120-volt AC plug, only requires an electrical outlet, and adds up to 5 miles of range to a vehicle per hour of charging time.

Comparatively, level 2 EVSE uses a 240-volt AC plug and adds up to 60 miles of range to a vehicle per hour of charging time. It also requires special charging equipment and a dedicated electrical circuit of 20 to 100 amps.

If you own an electric car or plan to purchase one and charge it at home, it helps to consult with your local energy company ahead of time. In doing so, you can get an estimate for how much it will cost to charge your electric vehicle. Your energy company can also provide insights into any special charging equipment you may need for your vehicle.

The Bottom Line on Electric and Gas Cars

Electric and gas cars have their pros and cons, and it helps to closely evaluate both types of vehicles. With a full evaluation, you can decide if an electric or gas car is right for you.

Meanwhile, if you ever need a repair for any type of car, the team at Fix Auto can help. To learn more or to schedule a service appointment, please contact us online or call us today at 1-800-INFO-FIX.

 

This blog post was contributed by Fix Auto Central Ramona a leading industry expert and collision repair shop servicing all customers in Central Ramona in addition to nearby cities such as San Diego, Escondido, Carlsbad, and El Cajon.