CL-Nov/Dec_2024 - 19

CLOSER LOOK
There are
over 3 million
EVs on the road
in the U.S.
Where the Rubber Meets the Road
Are EVs and hybrids more expensive to maintain than gas vehicles?
story courtesy of Brandpoint
W
ith a variety of options on the market, consumers
who are shopping for a new vehicle have a lot to
consider these days. Should they buy another
gas-powered internal combustion engine (ICE) vehicle?
Should they go fully electric? What about a hybrid? Regardless
of vehicle type, shoppers need to understand the total cost
of ownership before committing, as this will help minimize
unexpected expenses and headaches.
When deciding between an ICE vehicle, hybrid or EV,
here are some important distinctions to keep in mind:
FUELING/CHARGING COSTS
Because hybrid vehicles have both a gas engine and electric
motor, they are more fuel effi cient than strictly ICE vehicles,
as they can switch between the two motors while driving.
Additionally, hybrids never need to be plugged in because the
battery is recharged via the gas engine, eliminating the need
to install home charging or navigate public chargers.
When it comes to charging EVs, the Department of Energy
reports that about 80% of all charging is done at home,
which J.D. Power notes is the ultimate convenience and most
satisfying aspect of EV ownership.
MAINTENANCE
When it comes to maintenance for ICE and hybrid
vehicles, several upkeep items can add to the cost of ownership
over time, such as air fi lters, oil changes and tire rotations.
Both require similar maintenance schedules and incur
comparable costs. One notable exception is that a hybrid's
battery will eventually need replacement, which can be
co-opliving.com
costly, but U.S. law requires that all hybrids come with battery
warranties of at least eight years or 100,000 miles, which should
off er consumers peace of mind if they plan to keep the vehicle
long term.
EVs, on the other hand, only need a few of these routine
services as they lack an internal combustion engine, pistons,
valves and moving parts. Th is can result in lower routine repair
and maintenance costs than ICE and hybrid vehicles, but J.D.
Power reports that EV owners replace tires more frequently
than others. And like hybrids, the EV battery will also need
to be replaced down the road, but all new EVs come with a
generous battery warranty.
INSURANCE
While EVs may off er a number of advantages in terms of
reduced maintenance and fueling costs, the cost of insurance
might off set these potential savings.
" EVs cost more to insure versus their ICE counterparts
because they generally cost more to buy, and consequently
more to repair or replace, " says Stephen Crewdson, senior
director of insurance business intelligence at J.D. Power.
" And while today's EVs have fewer moving parts, it can be
more costly when they need replacement. "
" Th e best vehicle type for a particular consumer will
ultimately come down to budget, lifestyle factors and personal
preference. Hybrids serve as a great bridge between ICE and
EVs by off ering fuel effi ciency and a reduced carbon footprint
for consumers who aren't yet ready to make the leap to an EV, "
says Chong Gao, director of product management R&D at
Mercury Insurance.
*
November-December 2024 * Cooperative Living * 17
PHOTO COURTESY BRANDPOINT
http://www.co-opliving.com
CL-Nov/Dec_2024

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