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EV-a2z > FAQ > Are electric cars expensive to run?
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Are electric cars expensive to run?

EV-a2zm
Last updated: 2023/04/09 at 9:46 AM
EV-a2zm Published April 8, 2023 3 Min Read
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savings, budget, investment-Cost of Ownership
savings, budget, investment-Cost of Ownership
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Just like traditional internal combustion engine vehicles, running an electric car still has its cost. It varies depending on the model, specifications, and features that distinguish them from other models. 

Apart from that, increasing charging costs also adds concerns among potential buyers. Nonetheless, EVs are still more cost-effective when you look at them long-term.

EVs offer long-term savings than ICE vehicles

Undoubtedly, potential EV buyers are skeptical about making the switch due to its high costs. However, it must be noted that electric vehicles can be less expensive to run than traditional gasoline-powered cars, especially concerning fuel costs. 

We are fans of the Journey Cost Calculator from @Zap_Map, which allows users to compare the cost of driving an EV with driving a petrol/diesel car. By opting for the electric VW ID.3 over the T-Roc, you could save you around £600 per year. #DriveElectric #WholeLifeCost #EVCars pic.twitter.com/gtVQFhox0t

— Radius Vehicle Solutions – Ireland (@Tractionfinance) December 14, 2021

“You have to be aware of where your costs will come to spending and saving during maintenance compared to fossil fuel-powered cars. It leads to significant long-term savings when you have electric cars.”

Kia

It has been researched and studied that using electric vehicles reduces the emissions caused by greenhouse gases and other air pollutants. Buying an electric car upfront is pricier than ICEVs alternatives. Still, its running costs and maintenance are less expensive because it has fewer moving parts. 

“Although the other electric cars we looked at were more expensive to buy outright than their fuel equivalents, all 13 cars were cheaper to run over seven years than their fuel equivalents.”

LV

Moreover, with gas prices higher than last year, EVs may allow more savings regarding lifetime ownership.

Countries such as the UK offer various incentives from the Office for Zero Emission Vehicles (OZEV) to provide grants to help individuals and businesses buy electric vehicles or install charging points. EV had granted plug-in car grants (PICG), electric vehicle home charge screens (EVHS), workplace charging schemes (WCS), and on-street residential charge point schemes (ORCS).

The New Zealand government also offers Clean Car Discount, which saves motorists $115m in fuel bills.

#NewZealand aims to further cut emissions and lower its dependence on fossil fuels through its Clean Car Discount Scheme, which is making the switch to #EVs more accessible to families. 
Learn more: https://t.co/Ugm0M0Ea9Y #PAM #renewableenergy #sustainability pic.twitter.com/QDHknJw0fw

— PAM+BM (ASX:PAM) (@panasiametalsbm) May 27, 2022

 Most especially, the US Inflation Reduction Act also offers a federal tax credit of up to $7,500 to encourage EV buyers.

“The IRA will completely reshape the #renewables supply chain in the US, incentivising the reopening of shuttered facilities as well as provide opportunities to build entire equipment supply chains from scratch," says @WoodMackenzie #solar #wind #lithium #EVs #cleanenergy pic.twitter.com/g9jVNoHcju

— Pippa Stevens (@PippaStevens13) January 19, 2023

See Also:

  • Increasing EV charging costs could encourage drivers to use fossil fuels
  • Potential US buyers are concerned about the cost of electric vehicles – revealed in Deloitte survey
  • The IRA significantly boosts the EV supply chain in the US
  • The IRA bill is expected to boost the US EV market by 20%
  • Tesla Model 3 has the highest used car discount

Overall, while electric cars may have a higher upfront cost, they can be less expensive to run over the long term due to lower fuel and maintenance costs.

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TAGGED: Cost of Ownership, Electric Vehicle, EV, ICEs
EV-a2zm April 9, 2023 April 9, 2023
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