Transportation costs are the second largest expense for the average American household. Swapping an internal combustion engine for an electric vehicle can help save money on daily expenses. A study found that electric vehicles cost less than half as much to operate as gas-powered cars in fuel costs. In other words, regular gasoline costs about $2.85 per gallon. However, the cost of fueling a vehicle with electricity compared to a similar vehicle that runs on gasoline is about $1.16 per eGallon.
The cost of gasoline is also more variable than the cost of electricity. For example, over the past ten years, the average gasoline costs every year in the U.S. have varied from $2.24 to $3.70 dollars per gallon. In comparison, electricity costs remain fairly stable year over year and most utilities even offer lower rates for charging during off-peak hours.
Electric vehicles have fewer moving parts than gasoline-powered vehicles resulting in lower maintenance costs, too. Electric vehicles do not have spark plugs, oil changes, exhaust systems, transmissions, or radiators. Regenerative braking, which captures energy as the vehicle slows down, even saves the wear and tear of the brake pads and rotors.
Though the upfront costs for electric vehicles may be high (just like every new car!), the total cost of ownership is less for electric vehicles. Another study shows that the total cost of a Toyota Camry is more expensive over a five-year time period than a Tesla Model 3.
With fewer moving parts and lower refueling costs, electric vehicles are an affordable alternative to internal combustion engine vehicles.