The Comparative Cost of Owning Gas Cars vs Electric Vehicles

In recent years, the shift towards electric vehicles (EVs) has generated significant interest. Given the rising environmental concerns and technological advancements, many consumers are weighing the pros and cons of switching from traditional gasoline-powered cars (ICEs) to electric vehicles. One crucial factor is the total cost of ownership, both in terms of initial purchase and ongoing expenses. This article delves into the economics of owning both a gas car and an electric vehicle, and ponders which is more cost-effective.

Overview of Comparative Costs: A DOT/DOE Study

A study conducted by the Department of Transportation (DOT) and the Department of Energy (DOE) reveals that electric vehicles (EVs) are significantly more cost-effective to operate than gasoline-powered cars (ICEs). According to the study, a battery-electric vehicle (BEV) is 22% less expensive to operate than an ICE vehicle over an 18,000 miles lifecycle. By the time the vehicles reach 350,000 miles, the BEV remains 7% less expensive to operate. This cost difference is evident in several key factors:

Purchase Price: While the initial purchase price of an ICE vehicle can be lower, EVs typically cost more due to the upfront investment in the battery. Fuel Costs: The cost of electricity to charge an EV is significantly lower than the cost of gasoline for an ICE. Maintenance Costs: EVs have fewer moving parts and require less routine maintenance, contributing to lower ongoing expenses.

Personal Experience: A Gas Car vs Electric Vehicle

For a personal perspective, let's consider the costs associated with owning a gas car (ICE) versus an electric vehicle (EV). My wife and I share a 2019 Subaru Forester. She drives it more frequently, achieving an impressive 30 miles per gallon (mpg), while I get slightly lower at 24 mpg. Assuming an average of 27 mpg, the car consumes approximately 544 gallons of gas per year (500 gallons at $3.00 per gallon equals $1,500 annually for fuel.) Additional regular maintenance, including oil changes and tire rotations, costs approximately $120 each, resulting in an additional $240 per year.

EV vs ICE: Additional Costs and Savings

As an EV owner in the UK, the cost of running my Jaguar I-PACE is significantly lower. Assuming a 120V level one home charging at my current rates, I estimate it costs around ￡200-300 per year in electricity. EVs also require less routine maintenance, with costs around ￡250 per year compared to ￡1,500 for basic maintenance in an ICE vehicle. Wattage and energy consumption for EVs can vary widely, but for my Jaguar, I estimate an energy cost of less than 3 pence per mile (3.6 miles per kWh at a rate of 8.5 pence per kWh, off-peak electricity rates being the norm.) This is far cheaper than the 12 pence per mile cost for a similar-sized petrol car like the Vauxhall Corsa.

Maintenance and Convenience: A Key Advantage of Electric Vehicles

The jovial and cost-effective nature of electric vehicles extends beyond fuel and maintenance. EVs require less servicing, which translates to substantial savings. Furthermore, EVs are more convenient to own and operate. I always charge my EV at off-peak hours, which not only saves on energy costs but also contributes to balancing the grid during peak times. Additionally, with the convenience of charging at home, I never need to visit gas stations, reducing both time and cost.

Conclusion: A More Cost-Effective Choice

Based on the provided examples and data, it becomes evident that electric vehicles offer a more cost-effective choice in the long run. Although the initial purchase price of an EV may be higher, the savings in fuel, maintenance, and convenience can outweigh this initial cost. For drivers in the UK or any other region, the transition to electric vehicles not only helps the environment but also translates to significant cost savings over the lifespan of the vehicle.