Electric cars are expensive. They cost more than their gas burner counterparts. However, taking a closer look at the Prices and costs over an extended period of time shows the gap between the two types of vehicles is closer than you may think.
EVs cost more than gas burners because of their battery packs. Electric cars cost roughly twice that of comparable gas powered models. But, the maintenance required of the gas burner is way more than that of an EV. Over a long time, it adds up. Figure in rebates, and the cost gap between the EV and gas car gets even closer.
We take a look at a couple of electric cars and equal gas powered cars from two major manufacturers. We use average sales prices just for comparison. Your experience will probably vary. For instance, we did not look at gas car trim levels, which can vary the cost of any new vehicle quite a lot.
The Honda Fit EV retails for about $36,700. The gas burner Fit goes for around $17,000,
The electric fit is 2.15 times more expensive new than the gas powered Honda Fit. Next, look at the Ford Focus. The EV Focus will set you back about $39,200 while the standard version is only $17,500 new. The ratio here is closer to two and a quarter.
It seems like the nearly $20,000 cost difference can never be made up. However, take a look at the operating costs of the EV and you see some pretty large savings in three main areas. There are actually more, but we want to keep it as simple as possible.
1. Gas vs. electric costs: The EV owner pays a fraction of the energy cost of the gas car.
2. Maintenance costs: This is the biggest surprise of the survey. The gas car owner will spend many thousands more on maintenance than the EV owner.
3. Rebates. The EV gets direct cash rebates not enjoyed by the gas burner. In many countries, the gas cars actually do get indirect subsidies through Government supported tax breaks, but we leave that out of the analysis.
We compare the 5 year cost of ownership. Check out the details. Even if you do not plan to purchase an EV, the results are interesting.