Does It Cost More To Drive An Electric Car? The Answer May Surprise You

Driving an electric car may not be as economical as many consumers think, according to a new report from American Automobile Association. The association said that over a five-year period and 75,000 miles of driving, a new compact EV is slightly more expensive at about $600 more annually than its gasoline-powered equivalent.

While the cost of owning an EV may be more, AAA found that paying for gasoline over electric charging costs more in general. In a compact electric car, drivers that drive 15,000 miles per year are spending $1,255 on gasoline fuel compared to $546 on electricity, according to the report.

The study from AAA also suggests that electric vehicles do not need as much maintenance as a traditional gasoline-powered vehicle since they don’t require oil changes, or air filter replacements. AAA found that electric vehicles cost about $330 less to maintain than a gasoline-powered vehicle that costs $949 per year for required maintenance.

The report also divulged into the ownership of an electric car as AAA discovered that many EV drivers have what is considered “range anxiety” or worrying about driving range in an electric car with 43% of drivers saying they drove more when they owned a gasoline-powered vehicle. The study indicated that electric car owners only drive about 39 miles a day.

“Range anxiety has been synonymous with electric vehicles from the beginning,” said Greg Brannon, AAA’s director of Automotive Engineering and Industry Relations said in a statement. “Hearing firsthand from owners that this is no longer a worry may change the mind of those who have otherwise been skeptical to the idea of owning an electric vehicle.”

AAA also said that consumers are shying away from electric cars for two reasons – not enough places to charge and the fear they will run out of battery charge while driving. But 77% of electric car owners said they are less or no longer concerned about driving range after they purchased their EV.