July 21, 2024
Electric & Hybrid Cars

Top 10 most costly EVs and PHEVs to own and maintain over five years

Electric vehicles may be an appealing option compared to traditional gas models, particularly as fuel prices continue to rise. However, EVs typically have a higher upfront cost and can also be more expensive to operate, which can prolong the time it takes to recover the additional purchase expenses through fuel savings. According to a recent study by MarketWatch Guides, some EV models are now approaching the operating costs of gas vehicles.

MarketWatch analyzed factors such as purchase price, fuel/charging costs, insurance, and financing to determine the list of the most costly EVs to run over a five-year period. The Porsche Taycan emerged as the most expensive, with average running costs of $53,065.

The 10 most expensive EVs to operate over 5 years:

  1. Porsche Taycan: $53,065
  2. Audi e-tron GT: $48,886
  3. BMW iX: $45,076
  4. Volvo XC90 Recharge: $42,897
  5. Jeep Wrangler 4xe: $41,528
  6. Chrysler Pacifica Hybrid: $33,836
  7. Ford Mustang Mach-E: $28,505
  8. Mini Cooper Electric Hardtop: $28,266
  9. Ford Escape Plug-in Hybrid: $27,811
  10. Toyota RAV4 Prime: $25,831

While some of the vehicles listed are plug-in hybrids rather than fully electric, it underscores the challenge of offsetting high purchase prices with fuel savings. Interestingly, MarketWatch found that running the Porsche Taycan is only slightly cheaper than operating the Porsche Cayenne, a powerful SUV with performance gas engine options.

On the opposite end of the spectrum, the Nissan Leaf was identified as the most cost-effective EV to operate over five years, with an estimated total cost of just $18,509. Following closely behind was the Hyundai Elantra Hybrid, with $20,735 in running expenses. Notably, financing and insurance were highlighted as the key cost drivers for owning these EVs.

MarketWatch did not factor in depreciation when calculating running costs, but it did compare the depreciation rates of gas and electric vehicles. While EVs have higher initial costs, they also experience greater depreciation over five years, averaging a $16,430 drop compared to gas models’ $11,722.

FAQs:

Q: Are EVs truly more cost-effective in the long run?

A: While EVs may offer savings in fuel expenses, other factors such as purchase price, insurance, financing, and depreciation can impact the overall cost of ownership. It’s important to consider all these elements before making a decision.

Conclusion:

Electric vehicles present a promising alternative to traditional gas-powered cars, but their higher initial costs and operational expenses should be carefully evaluated. MarketWatch’s analysis sheds light on the diverse costs associated with owning EVs, from premium luxury models to more affordable options. Ultimately, choosing an EV requires a thorough consideration of factors beyond just fuel savings to make an informed decision.

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