New analysis released by Consumer Reports [PDF] concludes, “that the latest generation of mainstream EVs [electric vehicles] typically cost less to own than similar gas-powered vehicles, a new development in the automotive marketplace with serious potential consumer benefits.”
Key findings in this report:
Battery range
“The electric vehicle market is rapidly changing, largely because the cost of batteries has decreased dramatically over the past decade.2 One of the most significant changes is extended driving range. The 2011 Nissan Leaf, for example, had a single-charge range of only 73 miles, whereas the 2019 version had three times that range, at 226 miles. As of model year 2020, at
least 11 electric vehicles on the market have a range of 200 miles or more. This sharp improvement in range delivers far more utility for many consumers.”
Resale Value
“Current longer-range battery electric vehicles (BEVs) are expected to maintain their value about as well as comparable internal combustion engine (ICE) vehicles, on average, over the next five years.”
Maintenance Costs
“Analysis of real-world maintenance and repair cost data from thousands of CR members shows that BEV and PHEV owners are paying half as much as ICE [internal combustion engine] owners are paying to repair and maintain their vehicles.”
Fuel Costs
“EV owners will spend 60 percent less to fuel their vehicle”
“Owners of BEVs with a range of 250 miles or greater will be able to do 92 percent of their charging at home, requiring only six stops at a DC fast-charging station per year.”
Cost Savings
“Lifetime ownership costs for all nine of the most popular EVs on the market under $50,000 are many thousands of dollars cheaper than the best-selling and top-rated ICE vehicles in their class, with typical savings ranging between $6,000 and $10,000.”
Purchasing a Used Electric Vehicle
“While new EVs offer significant cost savings over comparable ICE vehicles, the relative cost savings of an EV purchased when it is 5 to 7 years old can be two or three times as large.”
You can download and read the entire PDF version of this report here: Today’s Electric Vehicles Offer Big Savings for Consumers.