Consumer Reports Weighs in: how much does it cost to run an electric car?
We live on a beautiful, complex planet where ecosystems are all carefully connected. Every single action each of us performs plays a role in the harmony of our existence. As we begin to understand more and more about the negative impact fossil fuels and non-renewable energy sources have on our planet, a new mode of transportation is taking center stage — electric vehicles (EVs).
What started as a trend for a few is becoming a movement that all are welcome to join. When it comes to buying an EV, however, for many, the greatest concern involves the cost to run and own an electric car. Purchasing an EV requires an investment of money upfront, and because this type of car is new, individuals often have valid concerns about the potential cost of maintenance and upkeep.
Here to help, Consumer Reports recently released a full report outlining the actual costs of Electric Car ownership. The report — Electric Vehicle Ownership Costs: Today’s Electric Vehicles Offer Big Savings for Consumers — is extensive and detailed, covering everything you could possibly want to know about EV ownership. Feel free to dive into the nitty gritty, but for those short on time, we’ve boiled down the details into five categories of costs. Within each category, we’ll highlight the key takeaways provided by this exciting report.
#1: Resale Value
When purchasing a new vehicle, long-term value is something to consider. Almost all cars depreciate quickly over time, but what about EVs? Will you be left holding the keys to a worthless vehicle in a few years?
According to Consumer Reports, the answer is absolutely not. In fact, current longer-range electric vehicles are projected to maintain their value equally as well as comparable internal combustion engine (ICE) vehicles. This also holds true for plug-in hybrid electric vehicles (PHEV).
#2: Maintenance Costs
One of the unfortunate realities of being a vehicle owner is that maintaining your vehicle costs you money. For ICE vehicles, maintenance costs can be extremely high, including continual fluid flushes and replacements — hello, oil changes, we see you.
This is where EVs deliver a particularly powerful punch. After analyzing real-world maintenance and repair costs, Consumer Reports determined that EV owners spend about half as much as ICE owners.
This is primarily because internal combustion engines have many moving parts and require costly fluid changes at continual intervals. Conversely, EVs use improved technology that does not require fluids and negates the constant trip to the oil change shop up the street.
#3: Fuel Costs
Fuel costs are where EVs deliver a high amount of value. With the continual inflation of fossil fuels, heading to the pumps is becoming increasingly painful.
But what about the cost of electricity? Will EV owners really win out?
The answer is that, according to Consumer Reports, EV owners can expect to spend 60% less to fuel their vehicles than ICE vehicle owners.
While the total savings will vary state-to-state, regardless of which state you live in, you’ll save within 10% of the 60% national average.
#4: Overall Ownership EV Costs
Looking at the above savings, Consumer Reports went a step further to calculate the overall ownership costs of EVs. This accounted for the fact that most EVs are more expensive than ICE vehicles when purchased new.
The result was that lifetime ownership costs for all nine of the most popular EVs on the market offered typical savings ranging from $6,000 to $10,000.
#5: Used EV Costs
Taking it a step further, Consumer Reports dove into what type of savings a consumer can earn from purchasing a used EV. Because first owners of vehicles bear the brunt of the majority of vehicle depreciation, buying used cars has long been a proven method for saving on the lifetime utility of a vehicle. This is becoming increasingly true as vehicles perform longer than ever due to advanced technology.
While new EVs offer excellent savings compared to ICE vehicles, these savings are compounded by as much as two to three times when consumers purchase a used EV.
This is great news for those who want to purchase sustainable products but might not have the funding for a brand-new EV.
It is also worth noting that many state-specific EV incentives and EV rebates are specifically designed for those with limited incomes to help offset these costs.
Join the Charge — Save the Planet
It is exciting to see how much cost-savings an EV can provide. However, buying an EV is about so much more than just saving money — it is about saving the planet we call home. As you look for ways to contribute to a carbon-free lifestyle and invest in green energy, we are here to help. Sign up for our E-Newsletter to learn more about the future of EV living and to join the charge for a better future. Be sure to also follow and like us on social media.
By evee Life Contributor
Published October 25, 2022 9:39PM
Other Interesting Posts
Will Electric Cars Get Cheaper, and When Can We Expect It?
September 6, 2023
History of Electric Cars: Who Drove EVs in the Early 1900s?
Top Upcoming Electric Cars According to Consumer Reports
Eveelife is an eco-oriented lifestyle platform that helps consumers make more purposeful choices about how they live and what they consume. We do it by curating content and products that help them make more conscious, carbon-free choices while amplifying their EV ownership experience.