EV Cost of Ownership

As of: 10:33 AM, 4/16/24

What to Expect with EV Costs

Curious to know if an EV is cheaper in the long run compared to a gas-powered vehicle? We’ve got the answer.

Maintenance Cost Differences Between EVs & Gas Cars

Compare Costs Across Vehicles

Maintenance items vary between gas cars and EVs, however usually you can expect the following differences:
EVs don’t need oil changes since there’s no engine.
EVs have long lasting brake pads due to regenerative braking.
Some costs still carry over to EVs like tire rotations, wiper replacement & more.
On average you’ll save around $4,500 on maintenance costs over the life of an EV.*

*Save even more with our Smart Charging Incentive program where you could earn up to 2,500 free miles based on 3 miles/kWh, at $0.132/kWh. Actual results will vary.

Costs Unique to EVs

Some costs are specific to EVs since they’re built differently such as the following:

EVs are heavier than gas cars, so the tires may wear out faster and are costly to replace.
Registration fees for EVs tend to cost more due to not needing to pay gas taxes.
The good news: Like gas cars and their engines, the battery and motor(s) of an EV are expected to last the lifetime of the vehicle.

Fuel vs. Charging Costs

How Charging Costs Stack Up Against Fuel Costs

Currently, if you were to compare the cost of electricity and gas to “refill” a car, electricity would be cheaper. However, this can vary depending on the type of gas car and the type of EV. To learn more about this, we’ve broken down how fuel and charging costs work below.

Breakdown of Fuel vs. Charging Costs

Currently in the U.S. (as of 2022), gas costs around $4 a gallon, while electric rates are around 16¢ kWh (kilowatt per hour).

Most gas-powered vehicles have a fuel economy of 25.7 miles per gallon. For EVs, 33.7 kWh is the closest measure to one gallon of a gas vehicle.

That means fuel costs $4 for every 25.7 miles for a gas vehicle, while charging would cost $1.35 for an EV going 25.7 miles.

Charging is almost three times cheaper than gas. Results may vary.

View More View Less

Electric Vehicles and Insurance

Person doing calculations of how much insurance with an electric vehicle would cost

How Insurance Rates Work

Typically, car insurance rates are based on the following:

Total cost of the car
How costly fixes might be
How the vehicle stands up against accidents

Currently, EVs cost more to buy than gas cars and are made with special parts, some of which can't be fixed. As a result of this, EVs can cost more to insure than gas cars.

Other Cost Factors to Keep in Mind

EVs Come with Incentives

Depending on what EV you buy, you could get a tax credit. You could also get a rebate when you buy a Level 2 charger. See more about incentives by clicking the link below.

Check Out EV Incentives

Charging Rates Vary by Station

Every charging station varies in charging cost. For example, DC Fast Chargers typically cost more to use than Level 2 chargers since it’s faster to charge. On the other hand, some stations are cheaper or even free to use.