Owning An Electric Vehicle Costs More Than A Gas-Powered Vehicle

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New research by AAA has been published that concludes that owning a new electric vehicle is more expensive than owning a traditional gas-powered car over five years and 75,000 miles. It’s worth noting that many people don’t keep their cars for five years. According to the research, owning the electric vehicle over that period is about $600 per year more expensive.

AAA does say that while the evidence shows the overall expense of owning an electric vehicle is eight percent more than owning a similar gas-powered vehicle, there are some categories for costs of owning an EV that is lower than the cost of owning a traditional gas-powered car. The study was conducted using 2019 versions of the Chevrolet Bolt, Hyundai Ionic Electric, Kia Soul EV, and VW eGolf. The gas-powered cars that the research compared the EV’s to included the Chevrolet Cruze, Honda Civic, Hyundai Elantra, Nissan Sentra, and Toyota Corolla.

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While no Ford vehicles were used in the study, it certainly highlights any potential savings buyers considering the Mustang Mach-E over a traditional gas-powered Ford SUV should consider. According to the AAA study, 71 percent of electric car owners had never owned an EV before. Consumers seemed pleased with their decision, with 96 percent saying they would buy or lease another EV if they needed a new vehicle.

The study also showed that about 78 percent of electric vehicle owners also own a gas-powered vehicle in the household, but the majority of their driving is with electric vehicles. In the past, AAA research found that American car shoppers weren’t very keen on electric cars for various reasons. The two main reasons included the ability to charge and worries about the batteries going dead while driving.

The latest research shows that none of the EV drivers polled have ever run out of charge, and 75 percent of their charging takes place at home. That is an important point because AAA says that it shows firsthand from owners that range anxiety is no longer a worry for drivers. The researchers also note that certain aspects of driving electric vehicles have benefits despite the overall yearly higher costs than gas-powered vehicles.

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AAA says that driving a vehicle with a traditional gas engine for 15,000 miles per year would cost more than $1,200 in fuel. Driving an electric vehicle the same 15,000 miles would cost $545 for electricity. Maintaining an EV is also traditionally cheaper by about $330 then a traditional vehicle. As for why electric vehicles cost more, the assumption is because of the higher purchase price leading to more expensive monthly payments and lease payments.

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Source: Car Complaints

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Written by Shane McGlaun

Shane is a car guy with a fondness for Mustangs and off-roading.

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