Economy, cost of ownership

Electric cars are more expensive than conventional cars, but many states have electric vehicle grants or tax exemptions which make electric cars cheaper.

One critical decision is whether to own or rent the battery. The battery is a very expensive part of the car and the cost of a battery repair or replacement might put some people off. Most electric cars have the battery physically fixed inside. However you can still choose to draw up a lease on the battery with or without additional services. These services may include free charging a certain stations, installment of a home charger, and access to quick charging, battery swaps, road side assistance, navigation updates and more. Take your pick between the service providers.

The cost of servicing an electric car is about half the cost of servicing a conventional car.

The main reason for this difference is that electric cars don't require oil changes on the motor. The EV also does without the entire fuel and ignition system, the exhaust system, catalyst/particulate filter, timing belt, spark plugs, water pump, generator, starter motor, radiator, belly pan and other system that usually require some looking after.

Typically the servicing is limited to brake pads, brake fluid, air filters and general items like tires, door hinges, locks, lights and interior parts.

Insurance premiums are often lower on electric vehicles. Typically you should be able to save 40% over conventional car insurance.

1 kWh costs about 10¢ - 26¢ depending on where you live.

A comparable budget for conventional car vs. an electric car is shown below:

(The table is based on a price of 0.15€/kWh)