Electric vehicles (EVs), plug-in hybrids (PHEVs), and hybrids offer significant savings on gas expenses over time, making them an appealing option for budget-conscious consumers. However, there are additional costs associated with owning a vehicle that can impact the overall affordability. MarketWatch Guides recently conducted a study to determine the most affordable EVs, PHEVs, and hybrids to operate over a five-year period, taking into account factors such as gas/charging costs, insurance, and finance expenses.
The study revealed that the Nissan Leaf emerged as the most cost-effective electrified vehicle to own over five years, with an average total ownership cost of $18,509. Following closely behind were the Hyundai Elantra Hybrid at $20,735, the Kia Niro EV at $21,845, the Honda CR-V Hybrid at $22,165, and the Honda Accord PHEV at $23,708.
Rounding out the list of the top 10 least expensive electric cars to operate over five years were the Toyota RAV4 Prime at $25,831, the Ford Escape PHEV at $27,811, the Mini Cooper Electric Hardtop at $28,266, the Ford Mustang Mach-E at $28,505, and the Chrysler Pacifica Hybrid at $33,836. It is important to note that these calculations did not include depreciation, which can significantly impact the overall cost of ownership for these vehicles.
On the other end of the spectrum, MarketWatch also identified the most expensive EVs to operate over five years. The Porsche Taycan ranked as the priciest vehicle to own, with a total cost of $53,065, nearly three times higher than the Nissan Leaf. Following closely behind were the Audi E-Tron GT at $48,886 and the BMW iX at $45,076.
While the initial cost savings on gas make EVs, PHEVs, and hybrids an attractive option for many consumers, it is essential to consider all aspects of ownership, including depreciation, insurance, and maintenance costs, to make an informed decision. By evaluating the total cost of ownership over a five-year period, consumers can better assess the long-term affordability of these vehicles and determine which option best suits their budget and lifestyle.