Electric cars nowdays are becoming more popular day by day as electricity is the future. But many people when considering to buy an electric car they stick to the good old petrol engine as they think that electric cars are more expensive. If you think all of the costs and you add them up you will come to the conclusion that electric cars are a beter deal. So lets dive into the numbers and see which is cheaper in the end!!!
The main thing that keeps people away from electric cars is their high starting price in comparison with petrol ones. Indeed electric cars can be up to 6000 euros or even higher than the base price on petrol cars which at first sight is a big disadvantage for electric cars. Plus the range of models available on the current markets is very limited compared to the petrol with its hundreds of models available in each country. When buying an electric car you have the possibility of installing a home charging station that is going to cost you at least 600euros plus the installation, but with the home charging station you won't have to worry about finding a nearby station and spending time waiting there. So thats another cost to add up.
TAX PAYMENTS AND POSSIBLE SUBSIDIES
From this point is where electric are proving to be more economic as until 2020 in many countries electric car owners didn't have to pay taxes, due the big enviromental problem and the need of moving into electricity fast, the goverments had to offer a reason for people in order to buy an electric car. Instaed the owner of any petrol car has to pay the full amount of taxes which is around 100-200 euros for a small car(1000-2000cc). Plus many countries that are taking part to programms involving the environment offer a subsidie to electric car owners that it can be up to 4000 euros
Consumption is very important and something that all car manufacturers are competing. For this the numbers are going to be on averge. An average consumption for a petrol car is 5L/100km and the average price for petrol is 1.5 euros/L, for an electric car the consumption is 10kWh/100km with the average price being 0.25euros/kWh. If we take for an example a driver that does 15.000km per year the annual cost would be (based on the prices above): 1125 euros for the petrol car and 375 euros for the electric cars. Thats a 750 euro difference per year that you can use elsewhere. So electric cars are by far more economical based on consumption.
MAINTENANCE AND INSURANCE COST
When it comes to maintenance the insitute for the automotive industry established that repair costs for electric vehicles are 30% lower than the petrol ones, because combustion engines have more wear parts than the electric plus the possibilities of a major engine failure are big and the change of the whole engine would cost more than 1500 euros. Insurance wise the electric cars are proving to have less insurance payments instead of the high anual payments that petrol owners have to pay.
Many people when buying a new car they look at the resale possibilites and the value of their car after 5-10 years. The value of the electric cars seems to drop slowly with the possibilities of selling it again to be higher yhan the petrol vehicles. Petrol cars due to the amount of different cars offerd and their prices, the search of finding a good oportunity to sell it might become very tricky especially if you are looking for a good deal. So long term electrica cars are better if you are looking to sell them at some point.
Adding all the costs from above we come to the conclusion that electric cars are a better invstement for your money because the starting price and capital that you have to pay might be expensive but longterm the amount of money you save from having the electric car proves to be better than having a petrol car plus you are hearting the environment.