Since the preliminary prices for comparable electric and gas vehicles are on the same level, EV does not take much time to start saving your money. Lower fuel costs will result in immediate daily savings on your car, and before you know about it.
In addition, lowering the cost of servicing electric vehicles will save you money. This is due to parts in a standard internal combustion engine that must be replaced regularly that do not exist in an electric vehicle. For example, engine oil, spark plugs, and timing belts are all commonly damaged or replaced components in internal combustion engine engines that are not found in electric vehicles. The fee for replacing such parts increases over time, which leads to even greater savings when choosing an electric car.
As of September 2019 according to AAA:
- Average fuel cost rose to 11.6 cents per mile, 5% higher than last year. The per-mile increase was driven by gasoline prices, which are up 15.6 cents per gallon over the timeframe covered by the study. Electricity prices for EV charging also rose 0.1 cent per kilowatt-hour (0.08%), but the market share of the electric vehicles in the study (0.48%) makes the effect of this increase on the overall average fuel cost negligible. Fuel costs vary widely by vehicle type, ranging from a low of 3.65 cents per mile for electric vehicles, to 15.67 cents per mile for pickup trucks.
- Average maintenance and repair costs climbed marginally to 8.94 cents per mile, up 8.9% over last year. The increase was fueled by the growing complexity of vehicle systems and an updated methodology for calculating repair costs.
- Electric vehicles had the lowest maintenance and repair costs – 6.6 cents per mile – while medium-sized SUVs had the highest at 9.6 cents per mile.
- The cost of licenses, registration fees and taxes rose $14 to $753 per year, an increase of 1.9%.
For example, a comparison of the cost of ownership of a Tesla Model 3 and a Toyota Camry over 5 years of use showed that the Tesla Model 3 Standard Range Plus, a dramatically better car than the Camry, beat all three of these trims by a wide margin, especially the base trim.
In addition, if we compare EV with each other, we conclude that Tesla is undoubtedly the best option. You can read more about it here.
- modern design;
- a powerful power unit that provides the electric vehicle with better dynamics than most models with internal combustion engines;
- a huge touch screen as a control panel;
- a complete set of many modern security systems and driver assistance;
- significant range.
The one exception is the price. But let's not forget that the price of Tesla is consistent with its quality. And all Tesla vehicles will now come with a basic Autopilot system!
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.