EVs have become Equal to Regular Cars in Full Costs of Ownership
Statistics show they will become even cheaper in the long run...
Electric vehicles have always been bashed as being too expensive. Well, now people may have to eat their words as the total costs of ownership of EVs have become equal to those of a regular car. Also, the total costs of ownership are likely to become lower in the future.
For those unaware, total costs is made up of the following:
The costs of financing the purchase
Depreciation of the car
Registration and licensing costs
Fuel or electricity costs
Maintenance and repair costs
The upfront price
Tax and rebate incentives made by the government
Boston Consulting Group (BCG) released a report in 2020 which stated the total costs of ownership of an EV will be a large motivator for the sales of both battery-powered EVs and plug-in hybrids. It is also noted that the cost advantages of both will push them to constitute more than half of global car sales by at least 2030.
Obviously, the case is that EVs are not cheaper in every aspect. An example is the upfront price paid is likely to be higher. In terms of energy costs, EVs are very much cheaper than gas cars. Can you even argue with that now that gas prices per gallon are skyrocketing to $4+ across the entire county? According to data by Consumer Reports, the energy costs of an EV are 60% lower than a regular gas vehicle. The same report also noted that EVs and hybrids have 50% lower maintenance costs.
The lower costs of EVs will be a key factor in the future growth and demand on a global scale. Economic interests are at a peak right now and the greatest selling point to any average American is “saving money.”
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