Consumer Reports Finds Electric Cars Really Save Money in the Long Run

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Electric vehicles are relatively new technology. Even though technically we saw the first battery-powered vehicles over 100 years ago, they didn’t really become viable means of transportation in the modern world until recently.As viable as they may be now, however, it still appears to be unmistakably more expensive than their conventional internal combustion counterparts. Well, until now.

Lower maintenance costs and the lower price of electricity compared to gasoline make electric cars much cheaper in the long run, despite their often higher purchase price, according to a new survey Consumer Reports. The information was collected using annual reliability surveys conducted by CR in 2019 and 2020.

In the first 80,500 kilometers, battery-electric vehicles cost just $ 0.012 per mile for maintenance and repairs, while plug-in hybrid models increase that number to $ 0.021. Compare those numbers to the typical cost of $ 0.028 for internal combustion vehicles, and it becomes clear that the more you drive, the more you will save. After 50,000 miles, the costs for BEV and PHEV vehicles are $ 0.028 and $ 0.031 respectively, while ICE vehicles climb to $ 0.06 per mile.

To put it more concretely, if you choose to buy a Model 3 instead of a BMW 330i, you would see a total of US $ 17,600 in savings over the life of the vehicle, based on one drive. average. In the SUV sector, buying a Tesla Model Y instead of a Lexus crossover would save US $ 13,400 (provided the roof of the former does not come off) and buying a Nissan Leaf over a Honda Civic would save money. ” save US $ 6,000 over the life of the vehicles.

CR defines the “life” of the vehicle as 200,000 miles (320,000 km). Ergo the final caveat: While it seems like electric driving means big savings, you might not see those returns until after quite a long period of ownership.

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