Purchase Price
People might think electric vehicle (EV) cars cost more than gas-powered cars when current estimates put the average price of a new EV at about $64,000, and the average price of a new car in general (including EV and gas) is at $48,800, according to Kelley Blue Book.
However, there are actually options available that are found at competitive prices to many new gas cars. The lowest priced EV on the market currently sells at about $27,000 with no premium customizations. Among multiple car manufacturers—including Chevrolet, Nissan, Mini, Hyundai, Mazda, Volkswagen, Kia, and Tesla—a roundup of the more affordable EVs range up to about $41,000.
Still, if you’re looking for a car with the lowest purchase price possible, new gas cars can be found as low as $17,650, saving you an initial $9,000 compared with the cheapest EV.
Cost of Charging
The average American drives 13,500 miles per year, or 1,125 miles a month. Electric cars can drive 3-4 miles per kilowatt-hour (kWh) of charging. If your home electricity rate is on the more expensive side, you can expect to pay about $94 a month to charge your EV. Meanwhile, the Californian driver of a gas car might expect to pay about $188 a month in the current market to fill their tank. In terms of juice, an EV could save you about half the cost.
Maintenance
You can say goodbye to oil changes with an EV! Based on the fact that EVs have fewer moving parts and use less fluids, maintenance isn’t required as often. An EV costs an estimated $4,600 in maintenance and repairs over its lifespan, as opposed to around $9,200 for gas cars, according to Consumer Reports, Inc.
Batteries
Replacing the battery of an EV tends to be much more expensive than a gas car at $5,000-$15,000. However, an EV battery is designed to last at least 10 years and possibly up to 20, or 200,000 miles. This is comparable to the lifespan you’d expect from a gas car, although some can even go 300,000 miles with proper maintenance.
One thing to note with an EV car, the battery will lose charge capacity over time, similar to how phone and laptop batteries work. While this doesn’t determine how long the battery will live, it does affect how many miles it can go with each charge, which translates to less miles per charge as it ages and more frequent charging.
After an EV battery completely dies out, it may make more sense to buy a new car instead of replacing the battery.