Ditching Gas? Here’s How Much Money EV Owners Actually Save

Everyone knows that charging an electric vehicle (EV) will save you money in fuel costs over filling up a gas vehicle – but how much? A Consumer Reports survey results show that EV repairs and maintenance cost about $4,600 less than gasoline-powered vehicles over the course of the life of the car. ^[1] But there’s more to it than just vehicle maintenance and repairs: you have to consider insurance and other costs. When comparing EV vs gas costs, it’s also always best to compare the same car models in electric and gas for the most accurate comparison. Here is how internal combustion engine vehicles compare with EVs, on average, with all costs considered.

On This Page

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  Breakdown of EV vs Gas Car Costs

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  EV Maintenance Costs vs Gas

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  EV Charging Costs vs Gas

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  EV Charging Station Maintenance Cost

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  EV Battery Replacement Cost

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  EV Insurance Cost vs Gas

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  EV Repair Costs vs Gas

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  EV vs Gas Costs FAQs

Breakdown of EV vs Gas Car Costs

EV Maintenance Costs vs Gas

According to the AAA, on average it costs 10.13 cents per mile to maintain a gas car, tires included. ^[7] As you know, however, costs vary greatly by model and make. It costs roughly 0.06 cents per mile to maintain an EV. ^[9]

EV maintenance costs vs oil and fluid changes are cheaper, but it’s important to have the fluids changed in an EV as well. Some models don’t need coolant fluid replacement but they all need brake fluid, transmission fluid and windshield wiper fluid.

Have the fluids checked in an EV in intervals and consult the owners manual about the frequency of these intervals in a calendar year. Or, ask a trusted mechanic who specializes in EVs, preferably by the same manufacturer.

Oil and filter changes are the most expensive maintenance cost of gas and hybrid vehicles, which EVs do not need. EVs also do not have to have spark plugs replaced.

EV Charging Costs vs Gas

Electricity is cheaper than gas. Charging from home is the cheapest option for EV owners and fast charging is the most expensive and most draining form of fueling an EV, because it degrades the battery more significantly than a regular charge.;

The time of day you charge also affects the total cost of your electricity bill. People with solar panels may benefit the most financially from having an EV.

For the average person who drives approximately 15,000 miles a year and charges from home, avoiding public fast chargers, an EV driver will spend an average of $674 a year versus a gas-car driver, who would spend nearly twice that amount, at the same mileage at $2,148 a year in gas.

EV Charging Station Maintenance Cost

Maintaining an EV charging station is not very complicated, especially if you regularly clean it and store the charging cables in a secure place to prevent damage. Damaged cables must be replaced immediately. They cost anywhere from $300 to $1,000.It’s best to secure the cables from theft, which has been a problem for homeowners with exposed charging stations. ^[8]

Maintaining the charging station includes cleaning, testing and conducting annual inspections, which should be done by a professional. The average annual maintenance costs of maintaining an EV charger are up to $400 per charger.

An extended warranty for a DC fast charger can cost over $800 per charger per year. Some Level 1 and Level 2 chargers come with a fixed warranty, which is usually cheaper but may offer coverage for a shorter length of time. ^[2]

EV Battery Replacement Cost

A Tesla battery replacement costs $16,500 to $20,000. Batteries for Tesla are covered under manufacturer’s warranty so you would file a warranty claim if the battery malfunctions or degrades by 71% or more during the warranty period.

Expect to pay anywhere from $10,000 and up for a non-Tesla battery and see what the warranty covers. ^[7] Batteries these days often last over 100,000 miles, even 150,000+ miles so replacing them won’t happen regularly unless the battery is damaged beyond repair. Keeping the battery charged between 20 and 80% – never more, never less – will ensure a longer battery life.

After an accident, you’d need car insurance to help you shoulder the cost of battery repair or replacement. You’d file a collision insurance claim if the accident was your fault. You’d get paid from the other driver’s insurance company if the other driver was responsible for the accident.

EV Insurance Cost vs Gas

The averages for car insurance costs for EVs vs gas can be a bit misleading because the highest selling EVs in the U.S. are luxury EVs. Luxury vehicles always cost more to insure because they are more expensive.

In general, when you compare a model to its EV equivalent, the EV will be more expensive and more costly to insure as well, but not as dramatically as the national average of $2,722.80 for EVs compared with $1,718 for gas-powered vehicles. ^{[12] [13]}

For a more realistic comparison of insurance costs, it’s good to look at price discrepancies between a car and its EV comparable because it’ll be more costly for a car insurance company to pay out a total loss claim on a more expensive vehicle.

A Hyundai Kona costs $22,595 while the Hyundai Kona Electric costs $35,295. A Ford F-150 costs $40,960, while a Ford F-150 Lightning costs $54,769. ^[14]

EV Repair Costs vs Gas

There’s conflicting information anywhere you go and based on various studies that compare repair costs of EVs vs gas-powered vehicles. Consumer Reports states that $900 a year to repair and maintain, whereas comparable gasoline-powered cars cost about $1,200. ^[1] However, Car.com (whose data we followed in the table above) claims that there is a $269 difference in repair costs, with EVs being more expensive, even more if it’s a Tesla which costs about $950 more than an ICE vehicle. ^[4][5]

Most people agree that EVs cost more to repair, but it’s not as sensational as the media has often sensationalized it, and it’s often true with certain models, like Teslas, which do not have modular batteries and so the battery has to be replaced if damaged. This is not true of all cars, however, and it’s important to compare EV models to the] internal-combustion-engine (ICE) equivalent. The average EV repair costs $6,066 to repair after an accident, compared to $4,703 for a gas-powered car. ^[3]