The higher upfront costs of electric vehicles compared to their internal combustion engine-powered (ICE) counterparts continue to impede prospective customers from pushing through with their planned purchases. In this sense, people must know the overall cost of ownership of electric vehicles compared to gas-powered ones to help them decide.
This article dives into the financial battleground of EVs and ICE vehicles, particularly between the Chevrolet Equinox EV and Chevrolet Equinox RS (both Small SUVs 2WD).
Costs include upfront vehicle costs, home charger purchases (for EVs), annual vehicle registration fees, maintenance, insurance, and fuel costs. This analysis, based on Environmental Defense Fund’s report, used the following factors:
| Driving Miles | Driving Style | EV Charging | Financing |
| US Average 12,395 mi/yr | EPA Combined MPG (City/Highway) | 90% at Home 10% Public DCFC | 5-yr Auto Loan |
Vehicle cost comparison
Electric vehicles tend to have a more expensive initial purchase price than their ICE-powered counterparts. However, other factors, such as available government incentives (tax credits), can substantially offset hefty upfront costs. Refer to the table below:
| Feature | Chevrolet Equinox EV | Chevrolet Equinox RS ICE |
| MSRP | $34,624 | $30,700 |
| Sales Tax (Avg. 4.99%) | $1,727 | $1,531 |
| Financing Costs (Interest) | $2,340 | $2,918 |
| Registration (over 10 years) | $500 | $500 |
| Home Charger Cost | $1,500 | – |
| Trade-In Value | -$15,181 | -$15,181 |
| EV Tax Credit | -$7,500 | – |
| Home Charger Tax Credit | -$450 | – |
| Total | $17,560 | $20,469 |
*MSRP prices are for the mid-trim level of each vehicle
† Includes both purchase and installation costs for an L2 charge
Fuel economy and cost comparison
Fuel economy
| Fuel Economy (EV) kWh / 100 miles | City | Highway | Combined |
| Chevrolet Equinox EV | 26.7 | 32.2 | 29.3 |
| Fuel Economy (Gas) Miles per Gallon | City | Highway | Combined |
| Chevrolet Equinox ICE | 24 | 30 | 26 |
Energy prices
| Energy Type | Units | 2022 | 2023 | 2024 | 2025 | 2030 | 2032 |
| Motor Gasoline | $/Gallon | 4.24 | 3.87 | 3.60 | 3.43 | 3.78 | 3.97 |
| Residential Electricity | Cents/kWh | 15.12 | 15.29 | 15.33 | 15.99 | 16.23 | 17.15 |
| Public Level 2 Charging | Cents/kWh | 24.00 | 24.72 | 25.46 | 26.23 | 30.40 | 32.25 |
| Public DCFC Charging | Cents/kWh | 36.00 | 37.08 | 38.19 | 39.34 | 45.60 | 48.38 |
As you can observe, charging an electric vehicle is way cheaper than fueling a gas-powered vehicle.
Insurance costs
The analysis used the Edmunds Total Cost of Ownership tool to calculate the Chevrolet Equinox EV and RS insurance costs.
| Chevrolet Equinox EV | Chevrolet Equinox RS | |
| Insurance costs after 10 years | more than $12,000 | nearly $12,000 |
The EV model will incur a total cost of more than $12,000 after 10 years, while the gas-powered RS is just nearly $12,000. Nonetheless, the amount gap is relatively small, considering the Chevrolet Equinox EV’s long-term savings in other aspects.
Maintenance costs
The analysis used the Argonne National Laboratory Energy Systems Division’s (ANL) research, which set an average maintenance cost value of $ 0.101/mile for gas-powered vehicles and $ 0.060/mile for EVs.
The Chevrolet Equinox EV’s total maintenance cost after 10 years is projected to be just more than $8,000. In comparison, the RS’ 10-year maintenance cost will hit more than $14,000.
| Chevrolet Equinox EV | Chevrolet Equinox RS | |
| Maintenance costs after 10 years | more than $8,000 | more than $14,000 |
Total costs of ownership after 10 years
As per the analysis, the total cost of ownership of the Chevrolet Equinox EV after 10 years will be lower by 29% than that of its ICE-powered variant, RS.
Specifically, the Chevrolet Equinox EV incurs a 10-year cost of ownership of more than $40,000, while the RS will surpass $60,000.
| Chevrolet Equinox EV | Chevrolet Equinox RS | |
| Total costs of ownership after 10 years | more than $40,000 | Over $60,000 |
While electric vehicles like the Chevrolet Equinox EV have higher upfront purchase and insurance prices, fuel and maintenance cost savings heavily compensate for these expenses. These factors make EVs more cost-efficient than gas-powered EVs like the Equinox RS in the long term.
You can check the full summary report of EDF here.
