Taking A Closer Look
As electric vehicles gain popularity, many consumers weigh the costs of EV charging vs. gas vehicle costs. Understanding the EV charging cost vs. gas is essential when deciding which vehicle type is the most cost-effective. This blog explores key cost factors, including fuel efficiency, energy prices, long-term ownership expenses, and infrastructure availability. Keep reading to learn more about the cost savings of EV vs. gas, and head to Portsmouth Ford to shop our selection of EVs!
EV vs. Gas Cost per Mile
One of the best ways to compare costs is to analyze the EV vs. gas cost per mile. On average, an electric vehicle consumes about 0.3 kWh per mile, and with electricity prices varying by state, the cost per mile for an EV typically falls between $0.03 and $0.06. In contrast, gas-powered cars with an average fuel economy of 25 MPG and gas prices around $3.50 per gallon result in a cost per mile of $0.14. Clearly, EVs offer substantial savings on fuel per mile traveled.
EV Cost of Ownership vs. Gas
When considering the EV cost of ownership vs. gas, it’s important to factor in fuel costs, maintenance, and depreciation. EVs have fewer moving parts, leading to lower maintenance fees since there are no oil changes, fewer brake replacements due to regenerative braking, and minimal engine wear and tear. This means over a five-year period, EV owners can expect to save an estimated $4,600 in maintenance compared to gas vehicle owners.
EV Charging Stations vs. Gas Stations: Accessibility & Cost
A common concern for EV owners is the availability and convenience of EV charging stations vs. gas stations. While gas stations are ubiquitous, EV charging networks are expanding rapidly. Home charging accounts for about 80% of EV charging, allowing owners to conveniently recharge overnight at lower residential electricity rates. Public fast-charging stations can cost more, averaging $0.30 to $0.50 per kWh, making it comparable to or slightly cheaper than gas in some cases. However, as charging infrastructure improves, accessibility and affordability will continue to grow in favor of EVs.
Cost Savings: EV vs. Gas
Overall, the cost savings of EV vs. gas can be substantial. According to studies, EV owners can save $800 to $1,000 per year on fuel alone. The total cost savings over a vehicle’s lifetime can exceed $10,000 when combined with lower maintenance expenses and potential incentives or tax credits. Additionally, as renewable energy sources become more prevalent, electricity costs are expected to remain stable or decrease, further improving the cost benefits of EVs.
Gas Engine vs. EV Battery Cost
The gas engine vs. EV battery cost comparison shows that while replacing an EV battery can be expensive, averaging between $5,000 and $15,000, most modern EV batteries are designed to last 10–15 years. Many manufacturers, including Ford, offer warranties covering 100,000 miles or more, reducing concerns over unexpected replacement costs. In contrast, gas engines also require substantial long-term investments in repairs and replacements, including transmission overhauls and other costly components.
Conclusion: Which is the Better Financial Choice?
While the purchase price of an electric vehicle may be higher than an average gas model, the lower EV charging cost vs. gas, reduced maintenance expenses, and long-term savings make EVs the more cost-effective option for many drivers. As charging infrastructure expands and battery technology continues to advance, the cost advantages of EVs over gas-powered vehicles will only grow. For those looking for financial and environmental benefits, making the switch to an EV is a smart investment. Stop by Portsmouth Ford to explore our wonderful inventory of Built Ford Tough® EVs!
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