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Friday, October 29, 2021

Study Shows EVs Have Lower Repair Costs In The Long-Term

A new study finds that the average service costs for an electric vehicle after 36 months on the road are a third of service costs for a gasoline-powered vehicle at the three-year mark.

On average, it’s costlier to maintain an EV in its first year than it is to maintain an internal combustion engine vehicle, according to analytics and data company, We Predict. However, that switches when an EV hits that three-year mark.

EV owners shell out USD 123 (P 6,201) on average for service when their car is three months old and USD 306 (P 15,426) on average when their car is one year old. Gas vehicle owners spend USD 53 (P 2,671) and USD 189 (P 9,528), respectively, at those same milestones.

However, at three years, these figures flips. EV service costs average USD 514 (P 25,913) and gasoline-vehicle service costs average USD 749 (P 37,760).

The data shows that maintenance costs are lower and maintaining an electric vehicle over the medium to long-term is significantly cheaper than combustion engine vehicles.

EV owners spend an average of USD 77 (P 3,881) solely on maintenance in their first three years of ownership, according to the study. That’s less than the average of USD 228 (P 11,494) spent on maintaining an ICE vehicle in the same period of time.

Repair costs for EVs are lower because they have fewer parts than ICE vehicles, according to the study. The labor costs associated with servicing EVs though are up to three times that of combustion engine vehicles, although this is expected to drop in time as more mechanics and technicians become familiar with the technology.

We Predict said its study includes more than 13 million vehicles across 400 models. Results are based on 65 million service or repair orders. Their calculations included maintenance, unplanned repairs, warranty and recalls, service campaigns, diagnostics, software updates and warranty on factory-installed options. Their computations do not include the cost of gasoline, local and state inspections, tire changes, and insurance.

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