Cost Savings with EV Ownership, Says Consumer Reports
An electric vehicle’s total cost of ownership is making its way to the “early majority.”
Grant Gerke, Senior Communications Specialist at EVA
Consumer Report’s advocacy arm has released its EV fact sheet that shows the average EV driver will spend 60% less to power their vehicle than the owner of a gas-powered car. This fact sheet from Consumer Reports contradicts the media’s narrative that car buyers can’t find affordable electric vehicles.
Besides cost savings from “electric fuel,” EV owners are spending half as much to repair and maintain their vehicle compared to gas-powered cars.
This graph shows the ownership savings in the first year, first seven years, and lifetime of the vehicle, for six mainstream EVs compared to traditional vehicles with similar utility and features. (Source: Consumer Reports)
Consumer Report’s methodology compares six different EV models against corresponding gas vehicles – all 2023 and 2024 models. For example, the fact sheet matched the 2023 Chevy Bolt EUV LT versus the 2024 Chevy Trax LT and the 2023 Tesla Model 3 RWD, and the 2023 Toyota Camry XLE, to name a few.
Below are some key takeaways from the fact sheet:
• Selected vehicles include the six mainstream EVs that qualify for at least part of the federal EV tax credit in June 2023 – this credit becomes a purchase rebate in 2024.
• Comparison vehicles are selected with similar utility and features as the electric vehicle.
• Energy costs are updated to the reference case from EIA’s Annual Energy Outlook 2023.1
• Public DC fast charging costs are updated to Electrify America’s current standard charging rate of $0.48/kWh.2
• Average loan interest rates were updated to the average June 2023 values for prime buyers of 6.4%, according to nerdwallet.
To download the fact sheet, visit Consumer Reports advocacy page.
EV Ownership and Road Trip Savings
More on fuel savings for electric vehicles… a recent Tesla Supercharging Network road trip by Tim Benford, past President of the Dayton EVA Chapter, revealed a fuel savings of over $0.04 cost per mile compared to a comparable gas vehicle. In this case, Tim compared his Model 3 against a Hyundai Elantra with his trip from Ohio to Baltimore.
See charts below:
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