EV, hybrid, and gasoline vehicle cost comparisons

Comparative analyses of electric (EV), hybrid, and gasoline vehicles highlight that while EVs offer the lowest energy costs per kilometer, total ownership expenses depend heavily on usage patterns and infrastructure.

In Australia, data suggests that EV owners utilizing home charging during off-peak hours or solar power can reduce per-kilometer costs to one-fifth of gasoline vehicles. However, reliance on public fast-charging stations can significantly increase expenses, sometimes rivaling hybrid fuel costs. Hybrids offer a middle ground, typically reducing fuel costs by 20% to 40% compared to standard gasoline models. While EVs benefit from lower maintenance costs, they face higher depreciation rates, with some reports citing an average 57.2% depreciation over five years.

In a US-based road trip test conducted by ‘Car and Driver’, a Tesla Model 3, a Honda Accord Hybrid, and a Volkswagen Jetta GLI were compared over a 700-mile journey. The Tesla Model 3 recorded the lowest cost per mile at 11 cents, compared to 13 cents for the Honda Accord Hybrid and 18 cents for the Volkswagen Jetta. Although the gasoline and hybrid vehicles completed the trip faster due to quicker refueling, the EV remained the most economical choice for travelers with flexible schedules.