Beyond the huge fuel savings when switching from petrol/diesel to overnight home charging, several other financial benefits make EVs cheaper to own and maintain compared to ICE cars:
- Lower Maintenance Costs
EVs have fewer mechanical parts that require servicing or replacement.
No oil changes, timing belts, spark plugs, or exhaust systems to worry about.
Brake wear is significantly reduced due to regenerative braking, meaning brake pads and discs last much longer.
Fewer moving parts mean fewer trips to the mechanic and lower repair costs.
- Longer Vehicle Lifespan
EV drivetrains last much longer than ICE engines, which degrade due to combustion, friction, and heat.
Many EVs have battery warranties of 8–10 years or 100,000–150,000 miles, but real-world data suggests they often last much longer.
- Reduced Tax and Incentives
Many governments offer lower road tax, tax credits, or grants for EV purchases.
In some countries, company car tax (Benefit-in-Kind) is significantly lower for EVs than for petrol or diesel vehicles.
No congestion charges or lower toll fees in some areas.
- Cheaper Insurance Over Time
Initially, EV insurance can be slightly higher due to expensive batteries, but over time, lower repair rates and higher reliability bring costs down.
Some insurers offer discounts for EVs due to their reduced accident rates (instant torque = fewer gearbox failures, no engine stalling, and safer handling in urban traffic).
- Home Charging vs. Public Charging Savings
Home charging overnight with off-peak electricity tariffs can be significantly cheaper than using public fast chargers.
If you have solar panels, charging your EV at home can be almost free.
Public rapid charging is pricier but still cheaper than petrol/diesel per mile.
- Government Grants for Charging Stations
Many governments offer subsidies for home charging stations, making installation more affordable.
Workplace charging incentives also reduce commuting costs for EV drivers.
- Higher Resale Value
The resale value of EVs is increasing due to high demand and growing adoption.
Battery degradation is slower than expected, making used EVs more desirable.
- Smoother Driving Experience with Fewer Unexpected Costs
No clutch or gearbox issues.
No overheating engine problems.
No leaking fluids or emissions-related faults.
No sudden large repair bills for engine failures.
Bottom Line: EVs Save You More Than Just Fuel Costs
When you add up fuel savings, lower maintenance, tax breaks, home charging benefits, and fewer repair costs, the total cost of ownership (TCO) for an EV is much lower than an ICE car over time.
Source: ChatGPT
