BMW electric hybrid vehicle  on charging station
Photo by Marc Heckner / Unsplash

Electric vehicles have been saddled with some pretty big myths over the past decade, they can't be long-distance, they pollute more, they are more expensive to repair, all of which have been proven time and again as false. Now a new study has emerged that categorically proves EVs are far cheaper to own than that of a gas powered alternative.

When comparing similar vehicles, an EV can cost between 10% to over 40% more than a similar gasoline model. However, the typical total savings over the lifetime of most EVs ranges from $6,000 to $10,000. Thats right, all those savings on the initial purchase price of a gas powered vehicle slowly dwindle away until you find yourself in the red. So lets take a look at some of the factors that make EVs less expensive to own, operate and maintain over the lifetime of the vehicle.

Oil and Gas Are A Thing of The Past

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One of the biggest factors of owning an EV is the simple fact that you will no longer have any use for oil and gas on your car. In the first seven years of ownership you'll save nearly $5,000 on fuel alone. What makes this even more staggering is we've been lucky enough to have not seen many gasoline spikes over the past decade and these savings could grow even larger. Furthermore, while gasoline has proven a fairly volatile commodity, electricity has been relatively flat over the past 20 years.

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Keep in mind this is all coming mostly before record lows on the price per kilowatt hour for electricity generation. As the price to generate electricity continues to plummet over the next decade the savings that EV owners will experience only continue to grow. The more renewable sources that end up on the grid the cheaper it will be to operate your vehicle. This really only is the tip of the iceberg and if you ever choose to install solar at your home your fuel effectively becomes free.

Maintenance Woes Can Disappear

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With every new vehicle there is the hidden cost of maintenance, for some vehicles ie. luxury sedans this can be quite high, whereas others come in much lower. EVs are no different and some models require a bit more care than others, however, compared to their gasoline counterparts EVs are significantly easier and cheaper to maintain over 200,000 miles. In fact, they are roughly half as costly to maintain then a gasoline powered vehicle.

The reason for this is rather simple in that EVs have about 1/10th the moving parts of a traditional gasoline vehicle. Less moving parts means less things can break and require a lot less care because of it. Over the lifetime of the vehicle EV owners can expect to save over $4,700 in maintenance costs.

Does that mean EV drivers never have maintenance woes, of course not but studies indicate that by the time a vehicle reaches its fifth year EVs cost about $900 a year to repair and maintain, whereas comparable gasoline-powered cars cost about $1,200 and that gap only widens with age.

EVs Hold Their Value and Last Longer

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One of the most intriguing aspects of EV ownership is that the vehicle itself doesn't depreciate in value like a traditional gas-powered vehicle. The old saying that the car drops 30% of its value the minute is drives off the dealer lot simply doesn't apply to EVs.

As the range of the base model EVs has risen so too has the resale value and its not hard to see why as many Tesla's have flown over the 200,000 mile marker with ease and have had little degradation on the battery. In essence the cars you buy today may last well over 500,000 miles before you need to get a new one. With the typical American driving between 10,000 and 12,000 miles per year a single vehicle could last nearly your entire adult life.

While some still see barriers to entry, specifically access to charging (which EverCharge is actively fixing) its stopped being a question of if you'll be driving an EV in the future but when. At this point, gas-powered vehicles have a lot less advantages and a lot more headaches than EVs.