A 2017 GM study of Chevy Bolt EV owners found that a whopping 92 percent charged at home or at work. In terms of vehicle selection, ICEs still come out ahead: There are only about 30 purely EV models offered by manufacturers to choose from. Tested: Mustang GT500 Hauls Even on Street Tires, This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. Tested: Mustang GT500 Hauls Even on Street Tires, This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. However, as this type of vehicle is becoming more common and there are more model options to choose from, the upfront cost difference is declining. Cari Crane, Director of Insights at ALG (which used to be known as Auto Lease Guide), told us that the high cost of electric vehicles contributes to their steeper depreciation. In the case of the Mini, it might just tip the advantage to the electric model. We’re pooling all of that into home charging because tracking down every employer to see if and what they charge their employees for re-charging their EVs would be impossible. According to Auto Insurance Nerds,, repair costs on electric vehicles can be higher as well, which affects the price of maintenance and electric vehicle auto insurance. This Week in Cars: Hennessey, EVs, and the Cabinet. Gasoline cars do have a … The mileage leaders among subcompact cars in the U.S. are the Ford Fiesta SFE and Toyota Yaris iA at 35 mpg in … costs on electric vehicles can be higher as well. Gas-powered cars sold in the U.S. have a long way to go to match electrics. We’ve chosen to disregard those deals for this comparison because our goal is to find the true (as true as we can pull together) three-year cost of owning these vehicles. Of course, there are still day-to-day expenses such as auto insurance, structural repair, and brake and tire changes, that both ICEs and EVs will require. When you do that, the calculations to see which gives you the best bang for your buck can be even more headache inducing than what we've attempted here. In comparison, the national average cost of one kilowatt of electricity is $0.14 per hour. Desired range – an electric cart’s range is typically 15-25 miles, depending on the type of battery. For the purposes of the clearest comparison possible, we are not including either financing costs or insurance premiums. We use data and simple math in an attempt to answer this very complicated question. Electric cars are the future of transportation. Sometimes. The cars' purchase prices (including destination charges) are as follows: For annual miles driven, we went with 15,000—the de facto average mileage stat for U.S. drivers for decades. Strong sales are putting automakers in a position to give consumers more of a choice of electric vehicles; Gas Vehicles: … The result was a three-year mileage count of 45,000 miles. Both Mini and Hyundai offer free maintenance for three years or 36,000 miles (whichever comes first). If vehicle sales are any indication, consumers believe in this technology and its longevity in the marketplace. The study looked at only fully electric vehicles, which are known as battery electric vehicles, -- not plug-in electric hybrids -- vs. gas-powered cars. As you can see below, the Mini Hardtop gets better gas mileage than the Kona, but the Kona Electric is more efficient than the Mini Electric. Electric Vehicles: Electric cars are about 20-40% (even after incentive) costlier than gasoline cars. But AAA’s data gives us a solid baseline to build from, and all the subject cars are treated equally. But for now, we’re using the average charging per min rate sans membership of Electrify America’s up to 75-kW stations which is $0.22/min. It's a knotty subject, as predicting depreciation is an educated guess based on past experience, customer demand, vehicle availability, brand reputation and, for all we know, the phases of the moon. Both Tesla and GM have hit their 200,000 vehicle cap. That brings the purchase prices of the electric vehicles down by that much. The concept of MPG, or miles per gallon, measures the fuel efficiency of ICE vehicles. The current hitch is that not all new EVs are eligible for the $7500 incentive. How you choose to finance your vehicle—the term of the loan and the interest rate, or whether you decide to lease—can have a significant impact on your total costs. We may earn money from the links on this page. There are three different types of electric vehicles available. Examples of HEVs that do not plug in to charge include: Several models, including the Camry and the Civic, come in both standard and hybrid models. HEVs became popular when Toyota introduced the Prius Hybrid. Then you get to factor in state and local incentives if those are available. For any feedback or correction requests please contact us at research@caranddriver.com. So the price of charging at home is dictated by where you live. Nevertheless, when looking at recent electric car statistics and reports, it seems that insuring an electric vehicle is more costly than getting coverage for a gas-powered … Charging costs are a tougher to determine. If you drive an electric car you’re obviously planning for … There are no Tesla Model 3s or Ford Mustang Mach-Es that run on gas. If you're considering being part of the transition by picking up an electric vehicle, you should understand how the costs of an electric vehicle may be different and where you'll be likely to save compared to conventional engines. To investigate whether an electric vehicle truly is cheaper than its gas counterpart to own and use as daily transportation we chose two models in the US market that are available with both powertrains: The Hyundai Kona and Kona Electric, and the Mini Cooper Hardtop two-door and Mini Electric. And insurance costs are widely variable as well, depending on your state, your driving record, and the coverage you choose. Generally speaking, EVs generate more torque, which is what drives the car forward, than ICEs.In a combustion engine, some of the power generated by the engine is lost to the drivetrain, which connects the transmission to the wheels. Gasoline vehicles would produce lower emissions than the average battery-electric vehicle only if their fuel economy was higher than 51.5 mpg worldwide, say researchers at the … A green car will take you an average of 60–120 miles on a single charge, while a traditional car will take you about 300 miles on a single tank of gas. This is our way of saying we won’t be stuck at home forever, and when we’re allowed out into the world, gas prices will likely go up. To calculate maintenance costs, we used AAA’s 2019 Your Driving Costs analysis. With a 4-6 gallon fuel tank, you’ll average 100-180 miles with a gas … On the other hand, a gas-powered vehicle has a gas tank, gas pump, gas … Eventually, other automakers will also lose the ability to dangle that federal incentive in front of buyers. Louisiana pays only $0.0897 per kW while Hawaii electric rates are a wallet-busting $0.3244 per kW. There are also more charging options in public spaces, especially in urban areas and at highway rest stops, as electric vehicles become more popular. The electric cost can be under 10 cents per mile. The other complicating issue is that comparing EVs and gas vehicles isn't a straight comparison for most electric cars on the road. Additionally, keep in mind that the cost of purchasing and operating your new vehicle will depend on your location, as well as the brand and type of vehicle you select. 2020 in Review: Watts to Freedom Just Happened? "Dollar wise, we do see a premium on top of a compatible ICE (Internal Combustion Engine) vehicle comparably equipped in age. They can be plugged in to recharge. Based on an average of 22 mpg for gasoline vehicles and a gasoline cost of $1.25/gal, the gasoline-powered … We then averaged the charge rate to 50 kW to account for slow stations and lowered rate of charge once a battery hits 80 percent. Because of the pandemic and trade issues surrounding oil prices right now, recent gas prices are an outlier. Quick refers to how much time it takes you to get between two points, while fast is the maximum speed you hit. … Lack of charging stations. To determine at-home charging costs, we took the average kW rate of $0.1282/kW in the United States for February, 2020. Scottish Government Plans 20% Cut In Car Use Within Ten Years—And That Includes Electric Cars Dec 17, 2020, 11:30am EST Your Car Buying Experience In An Era Of Self-Driving Cars This is where things get a little weird. You may be able to find more information about this and similar content at piano.io, Automotive Startup Canoo Unveils Electric Vans, 2023 Battery Prices Will Make EVs Cheaper, 2021 Toyota Mirai Comes with $9000 Price Drop, Lordstown and Camping World to Create an EV RV, Five Upcoming Mercedes EQ Electric Cars Previewed, Audi Designer Shares More Project Artemis Details, Bollinger Reveals More of EV Truck and SUV, Tesla’s FSD Beta Developer Settings Leaked, Toyota Is Finally Making an Electric Vehicle. So is owning an EV cheaper in the long run? There are pros and cons to electric cars vs. gas cars that you should know about before you take the plunge -- and we explore them here. The final piece of data affecting the cost of ownership of any vehicle is a big one: depreciation. Sure, the range anxiety and lack of sound might be deal-breakers, but there's no arguing the benefits of going electric. electric vehicles cost less than half as much to operate as gas-powered cars. The main advantages of a hybrid electric motor include comparatively less gas usage and reduced CO2 emission than traditional gas or diesel-engine car or SUV. Electric Cars and The Insurance Industry. Keep these in mind as you shop for your new car. But there's a better way. Information and research in this article verified by ASE-certified Master Technician Duane Sayaloune of YourMechanic.com. Electric cars are capable of being quicker than gas-powered cars, but EVs aren't yet capable of going faster. 2020 in Review: Watts to Freedom Just Happened? While the price of gas varies over time and location, the national average for a gallon of gas was $2.81 in June 2019. And that drops their ownership costs to: So, by our calculations that makes the gas-powered Mini a mere $358 cheaper to own and operate over the first three years than its electric counterpart—essentially a wash. 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