Critics of EVs will often point to the high cost of a new EV and say the gas savings won’t offset the cost – but the data proves otherwise.
Before we get too far into this post, we should include a quick disclaimer: as with just about every criticism of EVs being made these days, there was a lot more to this particular criticism a decade ago, when the only viable electric options were a $40,000 Nissan LEAF with 73 miles of range or a $75,000 Tesla Model S with 208 miles of range. We have come a long, long way in just a few short years – and, as you probably know, the costs of driving a gas-powered vehicle keep creeping up, as well.
That said, you might still wonder what kind of lifetime savings you’d get from switching to electric, and whether or not it’s a matter of a few pennies here or there, or several hundred dollars. Well, we’ve got that answer: you’ll save thousands!
Going strictly “by the book” in terms of following the manufacturer’s recommended service, paying what was thought to be a high estimate of €1.50 per liter (average price of “petrol” is €1.75, at the moment). At the same time, the study compared a less expensive VW Golf hatchback to the pricier VW ID.3. Even with that significantly lower fuel cost estimate, however, the five year cost of ownership showed that ID.3 buyers could save more than €9000 ($9,250, as this is being written). Or: more than $2,300 per year. (!)
Keep in mind, too, that’s driving just 13,000 km/year – just over 8,000 miles. The average US driver clocks nearly double that, at 14,263 miles driven.
What does that mean? It means that US drivers comparing a $39,974 Ford F-150 Lighting to a $39,570 Ford F-150 XL SuperCrew work truck are going to save a lot more than that – especially since the MPG is so much lower in the Ford truck than it is with the little VW Golf, while the price gap between the gas truck and the Lightning is less.
Fleet buyers especially should sit up and take notice, since other studies back those claims – showing that the costs to maintain an electric car are, on average, about 40% less than the internal-combustion equivalent. Which, when multiplied out by dozens (if not hundreds) of vehicles, could add up to some real money.
As ever, though, this is Myth Busting Mondays, and it wouldn’t be an article about facts and figures without a small army of guys who never mastered fractions but still feel like listening to that Joe Rogan podcast qualifies them to comment as energy policy experts weighing in – so head on down to the comments and let us know your views EV ownership being a great way to save money and build wealth. Enjoy!