Electric vehicles are often pitched on low running costs, and there is truth to that, but the complete monthly cost of an EV depends on more than the absence of gas. Charging cost, vehicle efficiency, insurance, and any state EV fees all factor in, and they vary enough that two EVs at the same price can cost noticeably different amounts per month.
Charging Replaces Fuel, But Varies
Instead of gallons and miles per gallon, an EV's energy cost depends on its efficiency in miles per kilowatt-hour and your local electricity rate. An efficient EV sips energy; a large electric truck uses far more. At typical residential electricity rates, the charging portion of the complete monthly cost is usually lower than gas, but the gap between an efficient EV and a heavy one is significant.
The Other EV Costs
EVs can carry higher insurance, partly due to repair costs, and many states add an annual registration surcharge to offset lost fuel taxes. Maintenance, on the other hand, is often lower, no oil changes, fewer moving parts. The complete monthly cost is where these pluses and minuses net out, and for many drivers an efficient EV lands lower than a comparable gas car.
Judging an EV Honestly
- Look at the EV's efficiency, not just its price, since it drives the charging cost.
- Use your local electricity rate to estimate charging in the complete monthly cost.
- Account for possible higher insurance and any state EV surcharge.
- Credit the lower maintenance, which helps offset the other costs.
CarCostCX calculates an EV's charging cost from its efficiency and shows it in the complete monthly cost on every electric listing, so you see the real number rather than a guess.
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