When electric vehicles are discussed, there is a debate about their pros and cons as well as differences from petrol/diesel cars. The most critical aspect people discuss quickly is the cost of owning an electric car.
Common questions like – Do EVs genuinely save dollars? What does its per kilometer cost in comparison to petrol cars? How much are they worth buying in terms of cost? These questions need to be answered before deciding to buy an EV and electric car accessories from Jucer.
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Upfront costs
In general, EVs are significantly more expensive than vehicles with an internal combustion engine. The current reality is that as years are passing the rates of EVs are declining. It is because the demand for EVs is increasing and manufacturers are focusing on tapping the market. Vehicle parts are produced in mass, which results in low costs. Soon, there will be tough competition, which is predicted to bring prices down.
Recently Tesla announced a price drop for its top-selling Tesla Model 3. It is just a matter of time and in near future, every increase in annual sales will result in a reduction of EVs upfront costs.
Per kilometer cost of running an EV
According to AEVC [Australian Electric Vehicle Council], an EV saves 70% on running costs in comparison to a fuel-powered car. It means EV car owners will save approximately $1600 every year.
On average, people in Australia drive 15,000 km per year. For a petrol-operated car, the per kilometer cost is $0.14, while an EV costs $0.04 via grid electricity. If the owner uses the home solar system to chart their EV then the cost is ‘ZERO’.
Homeowners can install an EVCS [electric vehicle charging station] at home to have their car fully charged each morning. On the other hand, people using public charging stations will need to spend on electric energy.
Maintenance costs
EVs have few moving parts in comparison to fuel-fed internal combustion engines, so the maintenance cost is reasonable. EVs hardly need regular services, parts repair or replacement, or oil changes, which reduce the overall maintenance costs.
The cost of maintenance for a regular petrol-operated car is 7 cents per km but according to AEVC, the EVs maintenance cost is just 2 cents with average daily use. When you calculate the maintenance cost of an EV based on an average driving distance of 15000 km per year then you save $750 annually.
Other things that reduce the EV operating cost
Electricity rates are more stable than gas prices. In the past decade, fuel cost has ranged from $1.50 – $4.00 per gallon. In comparison, an EV car owner can drive the same distance for $1.20 via electric grid charge.
Consistent electricity price means filling an EV is more predictable and budget-friendly. Besides, some utilities offer programs like low rates for charging EVs during off-peak hours or discounts on per kW-hour. Such discounts and rates help to lessen your daily cost of EV charging even more
Homeowners can install an EVCS [electric vehicle charging station] at home to have their car fully charged each morning. On the other hand, people using public charging stations will need to spend on electric energy.