While most of the world is heading towards green, many compare the cost of running the electric vehicle against that of a petrol car. It is quite interesting that, like any other two cars with each offering its own merits and disadvantages, there is one specific thing to be known: whether running an EV cheaper than a petrol car would be or not. Comparing it involves a set of questions. Let’s find out.
Purchase Price
Amongst the very first things to draw attention of people when one compares EVs with Petrol cars is the ex-factory price. Traditional EVs have been rather expensive mainly because of expensive batteries that make up much of the price of an entire vehicle.
However, that is not the case these days because the price is gradually dropping with advancements in battery technology. Most EVs have the upfront cost highly reduced due to government subsidies, rebates, or tax credits. Petrol cars are relatively cheap upfront, but the gap is decreasing as EVs become more common.
To better understand if a purchase price is a good deal, you can run a car check to reveal the vehicle’s history and valuation. This valuation is important as it provides an estimated car value, helping you determine if the purchase price is reasonable.
Fuel Costs
On fuel, electric cars have a clear advantage over others. The cost of electricity to charge an EV is much cheaper than that of petrol. For instance, charging an EV at home would cost the same amount as a few dollars per gallon of petrol. Most EV owners can even use off-peak electricity or solar power to lower their fuel costs even more.
Petrol, however tends to be volatile because its supply and demand are globally balanced, which often makes its price unpredictable and costly over time. This volatility also means that car owners with petrol will be at the mercy of the market, while owners who have EVs enjoy relative stability and lower electricity.
Maintenance Costs
The moving parts in an EV are fewer compared to a petrol car, so it is less expensive in maintaining. Electric motors are also very simple with fewer parts involved, so one does not have to take his car for oil change, fuel filters, and exhaust system.
Regenerative braking, which captures most of the kinetic energy recharging the battery when retarding a car, diminishes wear on brakes over time, hence saving money and effort by reducing the incidence of replacement and repairs as a car ages.
Petrol cars are expensive because they need constant oil change, transmission fluid change, and exhaust system repairs. That adds up in the long run, so petrol cars cost more to maintain.
Durable and Depreciation
In terms of longevity, the two will differ in that EVs typically have fewer issues with engine wear and tear, making them last for a longer period. A major concern of an owner of an EV is its battery degrading over time. However, most cars come with warranties that replace their batteries for an extended time, usually more than 8 years, which then reduces the fear of it not lasting long.
The depreciation rate for the petrol car is, therefore, often more predictable. While some petrol cars hold their value better than others, concerns over fuel efficiency or even rising demand for EVs will speed depreciation on others.
Conclusion
Although an EV is typically still more expensive to buy than a petrol car, fuel and maintenance savings over time are substantial enough to make the EV a more economical choice for many drivers. As governments and charging infrastructure continue to improve, the financial gap between EVs and petrol cars will continue to close.
With time, with the declining prices of electric vehicles, and with how the technology continues to enhance, running an electric car could become ever cheaper, in the long run, being a prudent financial decision. It ultimately depends on one’s habits while driving and the existence of charging facilities in a given area, the willingness for investing in this sustainable future.
