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Owning an EV will save you money.

The non-profit organization Consumer Reports published the results of a study on the cost of maintaining and repairing electric cars, hybrids, and conventional vehicles with an internal combustion engine. It turned out that owning "green" cars is cheaper.

A Consumer Report's study shows EV's owners who charge their vehicles at home tend to save an average of $800 to $1,000 a year on fuel costs. Besides, the maintenance of an electric vehicle is significantly cheaper comparing to gasoline cars on average.

EV savings data. Source - Consumer Reports
EV savings data. Source - Consumer Reports

As part of the study, experts collected data on various cars, the annual mileage of at least 3.2 thousand kilometers, and no more than 100 thousand. Also, cars with a total mileage of more than 320 thousand kilometers were excluded. Further, information was used on the average amount of expenditures on the maintenance and repair of vehicles per 1.6 kilometers (1 mile). The results showed that electric cars and plug-in hybrids require, on average, half the cost of conventional ICE vehicles.

EV vs hybrids vs Gasoline price per mile

Vehicle type 0-50 thousand miles driven 50-100 thousand miles driven 100-200 thousand miles driven On average for the whole time
Electric cars $ 0.012 $ 0.028 $ 0.043 $ 0.031
Rechargeable hybrids $ 0.021 $ 0.031 $ 0.033 $ 0.030
ICE vehicles $ 0.028 $ 0.060 $ 0.079 $ 0.061

Expenses grow with an increase in mileage, regardless of the type of vehicle. Simultaneously, electric cars are cheaper than hybrids up to a run of 100 thousand miles (160.9 thousand kilometers). Still, then the cost of vehicles with an electric power plant turns out to be higher.

Experts studied data on 200 hybrid cars and 55 electric cars, which exceeded 160.9 thousand kilometers (100 thousand miles).