[Auto/Moto] EV vs. Gas: Which Cars Are Cheaper to Own?

[INTOXICADOS]

Update 10/28/2022: We have updated this story with the latest data and information to best represent the costs associated with owning the example vehicles.

Some EV aficionados might tell you that electric vehicles are cheaper to fuel and maintain, therefore they must be cheaper to own and operate. EV skeptics will counter with the premium pricing of many EVs, something that's quantifiable when a brand sells both a gas-powered and full EV version of the same vehicle. So, are EVs really less expensive over the long haul of ownership? Sort of. Sometimes. As they say, it’s complicated.

To investigate whether an electric vehicle truly is cheaper than its gas counterpart to own and use as daily transportation we chose two models in the U.S. market that are available with both powertrains: The Hyundai Kona and Kona Electric, and the Ford F-150 and F-150 Lightning. We compared as much about their running costs as we could dig out from credible sources.

Three-Year Cost Analysis
We decided on an examination of the first three years of overall ownership cost. And we stuck with the numbers we could pin down. For the purposes of the clearest comparison possible, we are not including either financing costs or insurance premiums. How you choose to finance your vehicle—the term of the loan and the interest rate, or whether you decide to lease—can have a significant impact on your total costs. And insurance costs are widely variable as well, depending on your state, your driving record, and the coverage you choose.

Initial Purchase Price
Our journey starts with the purchase price. For the Hyundais, we used the most basic trim, and for the F-150s we used the XLT trim, which is a step above the most basic work truck trim in each model. We also equipped the Lightning with the Standard-Range battery. Any applicable Federal tax credits for the two EVs are figured in later in the calculations. The cars' purchase prices (including destination charges) are as follows:

Hyundai Kona: $22,595

Hyundai Kona Electric: $35,295

Ford F-150: $40,960

Ford F-150 Lightning: $54,769

Miles Driven
For annual miles driven, we went with 15,000—the de facto average mileage stat for U.S. drivers for decades. Both the electric vehicles included have EPA-estimated ranges near the industry median—258 miles for the Kona Electric and 230 for the F-150 Lightning—which should get owners to that number just fine. The result was a three-year mileage count of 45,000 miles.

 

link: https://www.caranddriver.com/shopping-advice/a32494027/ev-vs-gas-cheaper-to-own/