Electric vehicles have become a popular choice for many consumers looking to reduce their carbon footprint and save on fuel costs. However, a recent study by MarketWatch Guides has revealed that owning an electric vehicle may not always result in significant savings over time, due to high purchase prices and other associated costs.
The study focused on the running costs of various electric and plug-in hybrid vehicles over a five-year period, taking into account factors such as purchase price, fuel/charging costs, insurance, and financing. The results showed that some electric vehicle models can be just as expensive to operate as traditional gasoline vehicles.
At the top of the list of the most expensive electric vehicles to run over five years is the Porsche Taycan, with an average running cost of $53,065. Following closely behind are the Audi e-tron GT, BMW iX, Volvo XC90 Recharge, Jeep Wrangler 4xe, and Chrysler Pacifica Hybrid, among others.
Interestingly, the study found that the Porsche Taycan is only slightly less expensive to run than the Porsche Cayenne, a powerful SUV with a performance gas powertrain. This highlights the challenge of overcoming high purchase prices with potential fuel savings when it comes to electric vehicles.
On the other end of the spectrum, the Nissan Leaf was identified as the cheapest electric vehicle to operate over a five-year period, costing just $18,509. The Hyundai Elantra Hybrid came in second, with running costs of $20,735. Financing and insurance were cited as the most significant expenses associated with owning these electric vehicles.
While electric vehicles may have higher upfront costs compared to traditional gas models, the study also noted that EVs tend to depreciate more over time. On average, electric vehicles lost $16,430 in value over five years, compared to gas vehicles’ depreciation of $11,722. This further complicates the cost comparison between electric and gas-powered vehicles.
Overall, the study sheds light on the financial considerations that consumers should keep in mind when deciding whether to invest in an electric or plug-in hybrid vehicle. While the environmental benefits of electric vehicles are clear, the potential costs and financial trade-offs should not be overlooked.