Beyond maintenance, the overall
cost of ownership EV vs. gas is an important factor when choosing a vehicle. In addition to lower maintenance costs, EV owners can benefit from state and local incentives that further reduce the overall cost of ownership. Maintenance is just one piece of the puzzle - other key considerations include:
Fuel Costs
Electricity Costs - Charging an EV typically costs less than refueling a gas-powered vehicle. Many EV owners charge at home, while others take advantage of public charging networks.
Gasoline Costs - Fuel prices fluctuate, but gas-powered cars require frequent refueling, increasing operational costs over time.
Battery Longevity & Replacement
A common concern with EV maintenance costs vs. gas is battery life. However, modern EV batteries are built to last and come with warranties that provide long-term peace of mind. While a battery replacement is a significant expense, most EVs are designed to maintain battery life and efficiency for many years before replacement is necessary.
Depreciation & Resale Value
Historically, EVs depreciate faster than gas-powered cars, but as battery technology improves and charging infrastructure expands, resale values are becoming more competitive. Manufacturers are investing in making EVs more durable and appealing for long-term ownership.
Insurance Costs
Insurance rates for EVs can be slightly higher due to specialized repair needs, but savings in maintenance and fuel costs often offset that. Some providers even offer lower premiums for EV drivers, recognizing the reduced likelihood of major mechanical failures.