While the higher upfront costs of the EVs relative to traditional vehicles might be an initial turnoff, a savvy consumer will be paying more attention to the total cost of vehicle ownership. According to the U.S. Department of Energy, EVs cost about 4 cents less per mile in maintenance costs, as there is no engine oil, timing belt, oxygen sensor, or spark plugs to take care of.
Compared to a gasoline vehicle, EVs’ cost of ownership might equal that of a gas vehicle after 5 to 8 years of use even without a subsidy, as suggested by a study published in a leading peer-reviewed journal. Recouping higher upfront costs will happen sooner if gas prices rise, or if electricity prices remain low, or a short-range EV model is used.
In addition, EV enthusiasts point to such perks as the use of HOV lanes, faster acceleration, noiseless rides, and less time spent at the body shop.