There’s a distinct difference between what it costs to purchase a given vehicle and what you’ll actually pay to own it over time. Electric vehicles are no exception. To determine which would be the best long-term deal, you’ll want to consider the costs of depreciation – how much the vehicle will have lost in value at trade-in time – how much energy it consumes, and the cost of insurance premiums, maintenance charges, state fees, and out-of-warranty repair bills.
As with any vehicle type, depreciation is the biggest hit to the pocketbook, but here it’s offset by the one-time $7,500 federal tax credit granted to EV buyers, along with any state-specific incentives that may apply. Like other high-priced luxury cars, Tesla EVs take the biggest hit in loss of value over time, simply because there’s more money at stake to lose. What’s more, tax credits for Tesla models are scheduled to phase out during 2019 unless Congress takes action to extend them.
Fortunately, it costs less to keep an EV running than a comparable conventionally powered model, especially if it’s charged at home. According to the EPA, the Ford Focus Electric, which is rated at the electric equivalent of 107 “e-mpg” in combined city/highway driving, is estimated to cost an owner $500 less to drive 15,000 miles than a gas-powered Focus at 28 mpg.
Maintenance costs are also lower. EV owners avoid having to pay for many regular service procedures, including oil changes, cooling system flushes, transmission servicing and replacing the air filter, spark plugs, and drive belts.
We dug deep into the five-year cost of ownership estimates compiled by both Kelley Blue Book and Edmunds.com to determine which five EVs will cost their owners the least amount of money, overall. We're presenting them in the accompanying slideshow.
Unfortunately, neither source yet offers cost estimates for some of the most recent models, like the Tesla Model 3, Honda Clarity Electric and Jaguar I-Pace. Both sources calculate costs a bit differently (KBB considers the tax credit as part of taxes and fees, for example), and neither source has yet updated the figures for the 2019 model year, but this should give you a good idea of the variables involved and how they stack up.
Costs quoted are for base models without options and are based on variables applicable to Chicago, IL. Depending on where you live, the cost of electricity, prevailing labor rates, insurance premiums, and taxes and fees may be a bit higher or lower.
State Fees: ($5,547)
Total Five-Year Ownership Costs: $34,493
State Fees: ($5,630)
Total Five-Year Ownership Costs: $33,726
State Fees: ($5,719)
Total Five-Year Ownership Costs: $32,937
State Fees: ($5,752)
Total Five-Year Ownership Costs: $31,871
Taxes and Fees: $2,255
Tax Credit: ($7,500)
Total Five-Year Ownership Costs: $25,904
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2014 Cadillac ELR Plug-in hybrid electric vehicles (PHEVs) have a battery and an electric motor. However, like gasoline vehicles, PHEVs also have a gasoline tank and an internal combustion engine (ICE).
One owner should be a 2015 car was titled 7/18/2015 balance of factory warranty 8 year/ 100,000 mile Battery and EREV Component limited Warranty * 4 Year / 50,000 Bumper to Bumper Limited Warranty * 6 year / 70,000 Powertrain Limited Warranty * Current life time gas mileage over 170 MPG Fantastic d...Price: $27,500 Mileage: 32,000 Location: Saint Petersburg, FL Above average: $2,975 Total Range: 340 Mi Trim: Plug-in Hybrid Range 37 Mi Mileage 32,000 Location Saint Petersburg, FL Trim Plug-in Hybrid Price $27,500 Above average $2,975
2021 Hyundai Kona Electric Battery electric vehicles (BEVs) have a battery instead of a gasoline tank, and an electric motor instead of an internal combustion engine (ICE).
CERTIFIED PREOWNED WARRANTY INCLUDED! ONE OWNER! HARD TO FIND ELECTRIC VEHICLE! REGENERATIVE BRAKING! FAST CHARGING CAPABILITY! LEATHER INTERIOR! POWER MOONROOF! HEATED SEATS! POWER HEATED MIRRORS! FORWARD COLLISION AVOIDANCE! BLIND SPOT COLLISION WARNING! LANE KEEP ASSIST! REAR CROSS TRAFFIC COLLIS...Price: $41,977 Mileage: 24,470 Location: Centennial, CO Below average: $3,241 Total Range: 258 Mi Trim: Limited Range 258 Mi Mileage 24,470 Location Centennial, CO Trim Limited Price $41,977 Below average $3,241
2018 BMW 5 Series Plug-in hybrid electric vehicles (PHEVs) have a battery and an electric motor. However, like gasoline vehicles, PHEVs also have a gasoline tank and an internal combustion engine (ICE).
2018 BMW 5 Series 530e iPerformance COMFORT ACCESS, HEATED FRONT SEATS, HEATED STEERING WHEEL, NAVIGATION, ONE OWNER, REAR CAMERA, SATELLITE RADIO, 2.0L 4-Cylinder, Night Blue w/Dakota Leather Upholstery, 12 Speakers, ABS brakes, Active Blind Spot Detection, Active Driving Assistant, Alloy wheels, A...Price: $35,850 Mileage: 31,616 Location: Orland Park, IL Above average: $559 Total Range: 404 Mi Trim: 530e iPerformance Range 16 Mi Mileage 31,616 Location Orland Park, IL Trim 530e iPerformance Price $35,850 Above average $559
2019 Tesla Model X Battery electric vehicles (BEVs) have a battery instead of a gasoline tank, and an electric motor instead of an internal combustion engine (ICE).
Text Heather with any questions you have at 801-997-1030 THINK WORRY FREE THINK TIM DAHLE NISSAN SOUTHTOWNE **VEHICLE HAS PASSED A 156 POINT INSPECTION **7 DAY EXCHANGE **FREE LOANER CAR WHILE CAR IS SERVICED **FREE CAR WASHES FOR THE TIME YOU OWN VEHICLE **FINANCING AVAILABLE PLEASE MAKE SURE to co...Price: $88,738 Mileage: 58,511 Location: South Jordan, UT Below average: $3,026 Total Range: 295 Mi Trim: 100D Range 295 Mi Mileage 58,511 Location South Jordan, UT Trim 100D Price $88,738 Below average $3,026
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