Comparing EVs to Gas Cars: Everything You Need to Know

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Electric vehicles (EVs) have surged in popularity in recent years, with analysts predicting more than 10 million hybrid and plug-in vehicles were sold in 2022, up from 6.6 million in 2021. There are a variety of reasons why consumers opt for an EV over a gas-powered vehicle — also known as an internal combustion engine (ICE) vehicle.

EVs and ICE vehicles differ in many ways, including fuel costs, maintenance requirements, lifespan, and more. Here’s everything you should consider when comparing EVs to ICE vehicles.

Cost to charge EVs vs. gas-powered vehicles

Lower fuel costs are a major incentive for consumers who are thinking about switching from a gas-powered vehicle to an electric vehicle. The cost to charge an EV depends on electricity rates, the type of charger you buy, and how many miles you tend to drive. The cost to charge an EV tends to be cheaper than filling up an ICE vehicle with gas.

A 2020 Consumer Reports study found EV owners spend 60% less on charging their EV than owners of ICE vehicles spend filling their vehicles up with gas. The same report broke down potential annual fuel cost savings based on vehicle class.

The cheapest way to charge an EV is at home, although public charging stations are available nationwide and tend to cost between $1 and $5 per hour of use for a Level 2 charger. If you charge your EV primarily at home, the fuel costs will appear on your electricity bill.  Consider your current monthly utility costs and electricity rates before purchasing a charger. 

SaveOnEnergy’s EV charging cost guide provides details about how to calculate the cost to charge an EV compared to a gas-powered vehicle. Remember that gasoline prices and residential electricity rates change daily and vary by state, so the amount you save with an EV can fluctuate.

 Lifetime cost of EVs vs. ICE vehicles

While many EVs are more expensive upfront than ICE vehicles, consumers can save a significant amount with an EV over the lifetime of the vehicle. The average ICE vehicle lifespan is around 200,000 miles, or 15 years if driven the U.S. average of 1,060 miles each month. According to Consumer Reports, EV owners will save an average of between $6,000 and $10,000 over the lifetime of the vehicle compared to ICE vehicles.

EVs are often more expensive to insure than ICE vehicles. According to Bankrate, this is because of the higher purchase price and repair costs of EVs. Because some EV models are newer to the market, the cost to repair certain components — for example, the vehicle’s battery — could cost $15,000 or more.

To calculate how much you could save over the lifetime of your vehicle, factor in the upfront cost (minus any tax credits and rebates you receive for purchasing an EV) and the ongoing costs (which should include electricity costs, public charging fees, and maintenance costs). Do the same for an ICE vehicle to compare the difference.

Maintenance costs for EVs vs. ICE vehicles

Fuel savings make up a significant portion of EV savings, but EVs are also cheaper to maintain than ICE vehicles. EVs don’t have the same maintenance requirements as ICE vehicles. An electric vehicle does not need routine oil changes or brake replacements, lowering lifetime maintenance costs. Based on data from Consumer Reports, an EV owner can expect to save an average of $4,600 on maintenance over the lifetime of the vehicle.

Pros & cons of EVs vs. ICE vehicles

EVs and gas-powered vehicles each have their own set of advantages and drawbacks. Before deciding which type of vehicle is best for you, consider these factors:

Is an EV right for you?

If you are considering an EV as your next vehicle, there are several factors to consider ahead of time. Over the lifetime of the vehicle, you could save a substantial amount with an EV compared to a traditional gas-powered vehicle. If fuel savings are the most important factor for you, an EV may be a no-brainer. But before making your decision, consider these factors as well:

• Purchase price: EVs tend to cost more upfront than ICE vehicles. One of the main reasons is that ICE vehicles have been around much longer and there is a wider availability than EVs. However, as new EV manufacturers emerge in the market and traditional ICE vehicle manufacturers expand their EV lineup, the cost of an EV should decrease.
• Warranties: A government mandate requires manufacturers to warranty EV batteries for eight years or 100,000 miles. California has extended that warranty to 10 years or 150,000 miles. ICE vehicles have an industry average warranty of five years or 60,000 miles.
• Vehicle range: One drawback of EVs is they typically have a shorter driving range than ICE vehicles. This means an EV cannot drive as far on one charge as an ICE vehicle can with a full tank of gas. Many EV owners report this leads to battery anxiety — the worry that their EV will run out of charge before they reach their destination. If this worries you, consider a hybrid vehicle instead, which includes a gas tank as a backup fuel source. You can also thoroughly research an EV upfront to ensure the range is enough for you to reach routine locations, like the mileage from your workplace to your home.
• Public charger availability: Public charging networks have expanded in recent years, making it easier to find charging stations when EV owners are on the road. Because the range of an EV is shorter than an ICE vehicle, you should research public charging station locations before going on a longer road trip.