July 14, 2024
Electric & Hybrid Cars

The Top 10 Most Affordable EVs, PHEVs, and Hybrids to Run Over a 5-Year Period

Purchasing an electric vehicle, plug-in hybrid, or even a traditional hybrid can result in significant savings on fuel costs over the lifetime of the vehicle. However, there are additional expenses associated with owning a car that can impact the overall cost of ownership. MarketWatch Guides recently conducted a study to determine the least expensive electric vehicles to own over a five-year period, and there are several affordable options available.

The Nissan Leaf emerged as the most cost-effective electric vehicle/electrified vehicle to operate over five years, with an average ownership cost of $18,509.

Top 10 most economical electric vehicles to maintain over 5 years:

  1. Nissan Leaf: $18,509
  2. Hyundai Elantra Hybrid: $20,735
  3. Kia Niro EV: $21,845
  4. Honda CR-V Hybrid: $22,165
  5. Honda Accord PHEV: $23,708
  6. Toyota RAV4 Prime: $25,831
  7. Ford Escape PHEV: $27,811
  8. Mini Cooper Electric Hardtop: $28,266
  9. Ford Mustang Mach-E: $28,505
  10. Chrysler Pacifica Hybrid: $33,836

MarketWatch based its calculations on gas/electric charging costs, insurance, and financing costs, excluding depreciation. Factoring in depreciation could alter the rankings of certain vehicles on this list.

While the above-mentioned vehicles are the most budget-friendly options, MarketWatch also investigated the other end of the spectrum. The Porsche Taycan was identified as the most expensive electric vehicle to maintain, with a total cost of $53,065 over five years, nearly three times the cost of the Nissan Leaf. It was closely followed by the Audi E-Tron GT at $48,886 and the BMW iX at $45,076.

FAQ

Q: What factors contribute to the total cost of owning an electric vehicle?

A: Factors such as charging costs, insurance premiums, financing expenses, and potential depreciation all play a role in determining the overall cost of owning an electric vehicle.

Conclusion

Choosing an electric or hybrid vehicle can lead to significant long-term savings, but it’s essential to consider all associated costs before making a purchase decision. By opting for one of the more economical options highlighted in the MarketWatch study, drivers can enjoy the benefits of an electrified vehicle while minimizing their financial outlay.

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