Service costs for electric cars and light trucks fall to 30 percent lower than their gasoline-powered counterparts at three years on the road, according to the Deepview True Cost Second Owner Study (SOS) recently released by predictive analytics and data company We Predict.
A report in Fleet Forward details how the Deepview True Cost SOS measures actual money spent by owners and manufacturers of 2018-model-year vehicles during their first three years on the road. The study reveals which brands and models across 24 segments–including electric vehicles (EVs)–have the lowest average service costs at three years on the road. Deepview True Cost service costs are based on the total money spent by manufacturers and vehicle owners on repairs, maintenance, service campaigns, diagnostics, software updates, recalls, and warranty on factory-installed options.
“The data bears out what many hoped would be true,” We Predict founder and CEO James Davies said in a news release summarizing the study and reported on by Fleet Forward. “While EV service costs are higher than their gas counterparts early in ownership, the cumulative service costs for EVs fall over time to 30 percent less than gas vehicles at three years on the road–primarily due to lower maintenance costs.”
- At three months in service, EVs average service costs of $123; gas vehicles average $53. (EVs are 132 percent more.)
- At 1 year in service, EVs average $306 in service costs per vehicle; gas vehicles average $189. (EVs are 62 percent more.)
- At 36 months on the road, EV service costs average $514; gasoline vehicles average $749. (EVs are 31 percent less.)
EVs have fewer mechanical parts than gasoline vehicles, contributing to 22 percent lower repair costs. The primary difference in cost, however, is maintenance. The average spent on maintenance per EV in the first three years is $77, significantly lower than the $228 average for gas vehicles.
Source: Fleet Forward