According to an annual compilation from Vincentric, a source of cost-of-ownership calculations for websites and automakers, many electric vehicles have a lower five-year cost of ownership than comparable gasoline models. Duong.
Vincentric’s analysis includes eight factors: depreciation, fees and taxes, financing, fuel costs, insurance, maintenance, opportunity costs and repairs. It assumes a new vehicle footprint of 15,000 per year for the first five years of ownership.
Nissan Leaf 2024
In its latest analysis, Vincentric found that 20 out of 41 electric vehicle models (49%) have a lower cost of ownership over five years than gasoline models. This is down from the 2023 analysis, where 52% of electric vehicles surveyed had a lower cost of ownership than gasoline vehicles.
According to Vincentric, depreciation causes electric vehicles to continue to lag behind gasoline vehicles, largely due to higher purchase prices. The loss of Federal EV tax credit for many models it doesn’t help either. But analysts note that Electric vehicle prices are expected to decrease over the next few years, potentially allowing them to achieve price parity with gasoline models. That is possible due to the continued decline in battery prices, due to excess production capacity and greater availability of raw materials.
Hyundai Kona Electric 2024
Vincentric also found that 19 of the 41 electric vehicles surveyed in 2024 had recouped their price increases after seven years, with eight of those electric vehicles already having a lower purchase price than the equivalent gasoline model.
Again, the cost of ownership advantage can vary based on a variety of factors, e.g Where do you live and vehicle type. A 2020 Consumer Reports study found that the cost-of-ownership advantages of electric vehicles are especially strong for SUVs and pickup trucksFor example.
