The purchase price of electric vehicles (EVs) is often higher than that of internal combustion engine (ICE) vehicles. However, the long-term cost of ownership for an EV is often lower due to lower fuel and maintenance costs. In this essay, we will discuss how long it will take for the fuel savings from driving an EV to make up for the difference in price compared to an ICE vehicle.
Factors to consider for EV Higher Cost
The first factor to consider is the initial purchase price of the vehicles. According to a recent study, the average purchase price of an EV in the United States is around $55,000, while the average purchase price of an ICE vehicle is around $35,000. This means that the difference in price between the two vehicles is around $20,000.
The next factor to consider is the cost of fuel. According to the U.S. Department of Energy, the average cost of electricity in the United States is around $0.13 per kilowatt-hour (kWh). The average range of an EV on a single charge is around 250 miles, which translates to a fuel cost of around $0.05 per mile. On the other hand, the average cost of gasoline in the United States is around $3.00 per gallon, which translates to a fuel cost of around $0.15 per mile for an ICE vehicle. This means that the fuel cost per mile for an EV is around one-third of the fuel cost per mile for an ICE vehicle.
The final factor to consider is the maintenance cost of the vehicles. According to a recent study, the average maintenance cost of an EV is around $2,000 per year, while the average maintenance cost of an ICE vehicle is around $3,000 per year. This means that the maintenance cost for an EV is around one-third of the maintenance cost for an ICE vehicle.
Now, let’s calculate how long it will take for the fuel and maintenance savings from driving an EV to make up for the difference in price compared to an ICE vehicle. Assuming a daily driving distance of 40 miles, the fuel savings from driving an EV will be around $300 per year compared to an ICE vehicle. Over the next 10 years, the fuel savings from driving an EV will be around $3,000. Additionally, the maintenance savings from driving an EV will be around $1,000 over the next 10 years. In total, the fuel and maintenance savings from driving an EV will be around $4,000 over the next 10 years.
Therefore, it will take around five years for the fuel and maintenance savings from driving an EV to make up for the difference in price compared to an ICE vehicle. This means that after five years, the cost of ownership for an EV will be lower than that of an ICE vehicle.
EV Charging Factors
It is important to note that the above calculation is based on average fuel and maintenance costs, and your actual fuel and maintenance costs may be different. Additionally, the calculation assumes a daily driving distance of 40 miles, and your actual driving distance may be different.
Tesla has one of the fastest and most widely available SuperCharger network on the planet currently. They lead in almost every category. However, they also come at a huge premium in cost over other competitors who are catching up quickly. Consider local repair shops when choosing a Tesla over other manufacturers so you won’t get stuck with nowhere to get a repair.
In conclusion, the fuel and maintenance savings from driving an EV can make up for the difference in price compared to an ICE vehicle within five years. While the initial purchase price of an EV is higher than that of an ICE vehicle, the long-term cost of ownership for an EV is often lower due to lower fuel and maintenance costs. Therefore, it is worth considering the purchase of an EV for those who drive frequently and want to save money in the long term.