Economic Comparison: Electric Cars vs Gas-Powered Cars in Maintenance and Operating Costs
The debate over the economic benefits of electric cars (EVs) and gas-powered cars has been a hot topic among automotive enthusiasts and consumers alike. Recent data from reputable sources, such as Consumer Reports, highlight the significant cost savings associated with EVs. This article explores the maintenance and operating costs of both types of vehicles and provides insights for potential buyers.
Consumer Reports: Lowest Maintenance Costs for Electric Cars
According to Consumer Reports, EVs have a substantial advantage in terms of maintenance costs over their gas-powered counterparts. In the first five years, the average maintenance expense for an EV is estimated to be $580, significantly lower than the $900 for the runner-up, the Buick. Toyota, another popular brand, follows with an expense of $1,125 over the same period, rising to $3,775 over a decade.
Why Are Electric Cars More Economical?
The financial benefits of EVs extend beyond just maintenance; they also offer cheaper power costs and longer-lasting components. For those who can charge their vehicles at home, the savings can be remarkable. The author of this article, for instance, has spent less than $200 on maintenance over five years and has saved between $1,200 and $2,000 annually on fuel, driving approximately 7,500 miles a year.
Case Study: A Diesel Pickup vs. An Electric Vehicle
The cost savings become even more apparent when comparing a gas-powered vehicle like a diesel pickup to an EV. The author’s 81 Rabbit diesel pickup, which gets 45 miles per gallon (mpg), results in fuel costs that are significantly higher than home-charging an EV. Tires and brakes in gasoline vehicles are also more expensive but last much longer in EVs. The author states that new tires and brake replacements last over ten years. This longevity reduces overall maintenance and replacement costs.
Operational Costs and Resale Valuation
While the initial purchase and maintenance costs for EVs are lower, the scenario changes when considering resale value and long-term operational costs. According to a revealing piece of information about Teslas from Hertz, the operating costs of their electric car fleet have surged. The Hertz head admitted that the resale price of their electric car fleet has decreased by a third compared to the initial plan. This is a significant issue, especially with just a small fraction of their fleet being electric. Furthermore, the repair costs for Teslas are reported to be double that of internal combustion vehicles, primarily attributed to the complexity of repairs and higher part and labor costs.
Empirical Insights from Hertz
Hertz's head of operations recently stated that repair costs for electric cars are twice as high as those for gas-powered cars. This increase is due to the complexity of repairs, higher part costs, and labor fees. This information challenges the perception of EVs as being consistently more economical in the long run.
Conclusion
The economic comparison between electric cars and gas-powered vehicles is nuanced and affected by various factors including local electricity rates, driving habits, and maintenance needs. While EVs undoubtedly offer advantages in terms of lower maintenance and power costs, the operational and resale costs need to be carefully considered. Potential buyers should also explore local incentives and subsidies that can significantly impact the long-term economics of owning an EV.
For a thorough understanding of the economic implications of buying an electric car, conduct research on the specific model you are interested in, including the cost of repairs and the value retention of the car over time. This will help you make an informed decision that best suits your needs and budget.