The Comprehensive Cost of Owning an Electric Vehicle vs. a Gasoline Car
The cost of owning a car isn’t just the sticker price. It’s a complex equation that considers several variables, including fuel prices, maintenance costs, and resale value. So, the big question arises: Are there compelling reasons to switch to an electric vehicle (EV) ? The answer, increasingly, is yes. However, for some, sticking with a combustion engine may still be the preferred option. Ultimately, it boils down to personal values and circumstances.
The Data
Recent findings from Autobild indicate that electric vehicles can save up to 54% in maintenance costs when compared to gasoline counterparts. This study analyzed three models: the Volkswagen ID.3, the 2016 Volkswagen Golf VII 1.6 TDI, and the 2016 Volkswagen e-Golf.
The results showed that maintenance for electric cars was between 40% and 54% cheaper than for gasoline engines. While maintenance costs for the diesel version were between 393 to 547 euros, the plug-in hybrid’s costs ranged from 161 to 275 euros. In contrast, an electric vehicle’s maintenance book typically involves expenses of only 200 to 300 euros.
One key advantage of electric vehicles is that they require fewer maintenance stops . As accumulated mileage increases, the cost savings continue to grow, ultimately making electric vehicles between 40% and 54% more economical than their combustion-powered siblings.
Why is this Possible?
Electric vehicles have several inherent design advantages that contribute to their cost-effectiveness. Firstly, they necessitate fewer component replacements . For example, electric cars do not require oil changes—a common maintenance task for gasoline cars. There are fewer breakdowns due to the absence of complex combustion engines and, importantly, components such as distribution belts, spark plugs, and particle filters do not exist in electric models.
Moreover, the wear on certain elements is significantly reduced over time. For instance, electric vehicles capitalize on regenerative braking , which plays a crucial role in city driving by minimizing the wear on disc brakes.
The Daily Costs
In regular city driving, electric cars are almost always more economical than their gasoline or diesel counterparts. During city trips, electric vehicles typically consume around 10-15 kWh/100 kilometers . At a domestic charging rate of 10 cents per kWh, this translates to between 1 to 1.50 euros for every 100 kilometers driven. In comparison, a gasoline vehicle that consumes 7 liters every 100 kilometers would cost around more than 9 euros for the same distance.
However, it’s worth noting that the cost balance shifts during long-distance journeys. For instance, if an electric car consumes 18-20 kWh/100 km at a rate of €0.50 per kWh, the cost per 100 kilometers rises to between 9 and 10 euros , making it similar to gasoline costs. Nonetheless, if one opts for ultra-fast charging at around €0.80 , then gasoline and diesel vehicles gain a clear advantage.
Are There Downsides?
Despite the compelling economic case for electric vehicles, it is essential to note that the comparison claims made in 2021 do rely on previously favorable electricity pricing conditions. The numbers today may not be as optimistic. According to updated data from ADAC, the savings margin for electric vehicles now shrinks to between 20% and 30% . Hence, while EVs still have an edge, it is narrowing.
Calculating the Total Cost of Ownership
Determining the total cost of ownership for an electric vehicle isn’t straightforward. In addition to considering regulated parking discounts available in some cities, one must also factor in government incentives like the MOVES III Plan, which may not be universally available.
When weighing your options, think about factors such as the initial price, expected savings based on your driving habits, and potential depreciation. Electric vehicles experience rapid depreciation due to battery degradation , making them a tricky investment if you plan to sell them shortly after purchase.
In conclusion, the decision to invest in an electric vehicle should be rooted in a clear understanding of your driving habits and financial situation. By assessing daily mileage, suitable battery size, and overall car costs, you will be better equipped to make an informed choice. Ultimately, whether you prefer the efficiency of an electric vehicle or the traditional feel of gasoline engines, it’s essential to balance practicality and passion in your decision.