What's the cost of owning an EV?

It’s a common misconception that driving and maintaining an electric vehicle (EV) is more expensive than driving a car with a traditional combustion engine. In reality, the total costs are very similar. The estimated costs of maintenance and service on an electric vehicle are around $300-400 per year.

Because they involve fewer moving parts, they require less maintenance. There are no filters, spark plugs, oil or transmission to worry about. While drivers do need to factor in the cost of the electricity to charge their vehicle, these costs are typically around $600 per year for someone who drives 15,000 km annually. That adds up to a savings of around 72% on petrol alone.

Batteries typically last the lifetime of the vehicle and rarely need to be replaced. Still, most manufacturers offer a 10-year warranty on their batteries. In addition, the prices of replacement batteries are falling significantly and are expected to drop by around 65% by 2030.

^{Data sources: 
ABC: Cost of electric vehicles over time
EV Central}