EV ownership costs significantly lower than conventional models: French Study

EV ownership costs significantly lower than conventional models: French study

It is a well known fact that electric vehicles (EVs) carry significantly higher sticker prices than their conventional gas-guzzling equivalents, but several studies have showed that owning an EV costs less than owning a conventional internal combustion engine (ICE) vehicle.

Now, fresh study compared the sticker prices as well as various expenses related to both EVs and their conventional counterparts, and reiterated the common conclusion that electric models return the most savings.

French firm UFC-Que Choisir carried out a comprehensive study comparing the cost of owning EVs, rechargeable hybrids, standard hybrids, diesel models, and gas-powered vehicles. The firm measured the cumulative cost of fuel, maintenance, insurance, as well as the difference between sticker price and resale value of the vehicles.

During the comprehensive study, the firm studied the expenses over the course of four, five, and seven years at 10,252 miles, 8,388 miles, and 7,145 miles, respectively. The differences between long-distance and local driving at 12,427 miles and 6,213 miles were also measured over four years.

In all situations, the researchers found that electric cars returned the most savings in the long run. The estimated cost of owning a medium-sized electric car for a period of four years was estimated to be €7,275 (US$8,671), which represented saving of €1,750 (US$2,085) as the equivalent ICE model was found to cost €9,275 (US$10,757) over the same period. Long-distance electric car drivers would save €1,275 (US$1,519) per annum as compared with their ICE equivalents.

The researchers also found that rechargeable hybrids, diesel-powered vehicles, and even conventional hybrid vehicles would save over gas-powered equivalents.

Sharing the results of the comprehensive study, UFC-Que Choisir suggested that EV dealerships should list the cost per kilometer or per mile on all new vehicles; instead of their total range on a single charge.

More and more customers are turning to EVs as new electric models are coming with longer ranges and less charging times, but range anxiety as well as lack of adequate charging infrastructure continue to be big hurdles on the way to mass adoption of EVs. While many people argue that EVs will soon surpass conventional petrol/diesel-powered vehicles, they should not ignore the fact that EVs still represent only a tiny fraction of the total automobile market. In France, for instance, EVs represent merely 2.3 per cent of total vehicles running on public roads.