Cost of Electric Vehicles vs. Gas-Powered Vehicles

As you pass by the sleek gas-powered vehicles and modern electric vehicles on Redmond streets, you may be wondering about the true cost of ownership of electric vehicles vs. gas-powered vehicles. The advancement in EV technology means you can find many affordable and luxury models that are comparable to the traditional gas vehicles that are commonly found around town. Learn more about the electric vehicle cost per mile vs. gas pricing and other ownership factors that affect the cost of electric vehicles vs. gas with Honda of Kirkland. 

Cost of Ownership of Electric Vehicle vs. Gas: Starting Price

Comparing the cost of ownership of electric vehicles vs. gas vehicles for your Woodinville drives isn’t as simple as comparing the MSRP. Many factors can affect ownership costs like financing costs or insurance premiums, maintenance costs, and charging/gas prices—we’ll take a close look at some of these factors later. 

However, if we were to just compare the cost of electric vehicles vs. gas from manufacturers that offer both gas and electric options, you can see that some electric models may have a higher price tag. Take the Hyundai Kona for example, the gas-powered Kona starts at $21,300 MSRP for the 2022 model year, while the Kona Electric starts at $34,000 MSRP. While the electric vehicle costs more, there are affordable models that Woodinville drivers can add to their everyday commute.

The cost of your electric vehicle can also be offset by the federal tax credits and state incentives available. A tax credit of up to $7,500 can drop your ownership cost to a level that is comparable to traditional gas-powered vehicles. 

Electric Vehicles vs. Gas: Maintenance Costs

When it comes to servicing electric vehicles vs. gas vehicles, you’ll notice electric cars are cheaper to maintain. Without the use of a combustion engine and the incorporation of an electric motor with fewer moving parts, electric vehicles save more on maintenance costs over time as they don’t need routine oil changes and other inspections and repairs for engine components. While they still need tire rotations and periodic fluid replacements, electric vehicles will require less time visiting a Seattle-area service center. According to AAA, electric vehicle maintenance is on average $300 less than gas-powered vehicles, with an estimated yearly cost under $1,000. 

Electric Vehicle Charging Cost vs. Gas

Trying to compare the electric vehicle cost per mile vs. gas is a little trickier as the battery capabilities vary depending on the model and many public charging stations charge per minute instead of per kW. Electric vehicle charging cost vs. gas pricing can also vary with charging station memberships, at-home utility rates in Seattle and out-of-state, and other methods to save on gas. 

Looking at the AAA estimate again, we can get an idea of the electric vehicle cost per mile vs. gas over their 15,000-mile average per year. Driving a compact electric vehicle can cost an estimated $546, while a similarly sized gas-powered vehicle can set a drive back around $1,801. 

Add Efficiency to Your Daily Drives with Honda of Kirkland!

If you have any more questions about the key differences between owning an electric vehicle vs. a gas-powered vehicle, don’t hesitate to contact us at Honda of Kirkland. To get a better idea about hybrid and EV charging, learn more about how to charge a hybrid battery. Then, be sure to browse our inventory for fuel-efficient Honda models today!