It is obvious, that EVs are costly for instant, I.e., the upfront cost of EVs is high, but EVs are cheaper when estimated in the long run. EVs are the future more companies and countries are going to stop their ICE vehicle production by the end of 2030. Most countries are shifting toward EVs and their upfront cost is expected to decrease in the coming decade. Most probably it is estimated that EVs will become cheaper than fossil fuel vehicles in the next decade. However, more shrinkage has been noticed in the EV rates in the past decades. It is estimated that in the coming years there would be more. To make it clear are electric vehicles cheaper than fuel engines? Let’s carry out an analysis of different aspects and rates of EVs.
Purchase/upfront cost
Here is the analysis of prices of some of the cheapest EVs vs petrol and gas vehicles.
| S.no | Electric vehicles | Purchase price | Gas vehicles | Purchase price | Petrol vehicles | Purchase price |
| 1 | Nissan Leaf | $27,400 | Chevrolet Spark | $14,595 | Chevrolet Spark | $14,595 |
| 2 | Chevrolet Bolt EUV 1LT | $33,995 | Mitsubishi Mirage | $16,900 | Mitsubishi Mirage | $16,125 |
| 3 | Hyundai Kona Electric | $34,000 | Kia Rio | $17,275 | Nissan Versa | $16,205 |
| 4 | Mazda MX-30 EV | $34,645 | Hyundai Accent | $17,690 | Kia Rio | $17,275 |
| 5 | Hyundai Kona Electric SEL | $35,185 | Nissan Versa | $17,275 | Hyundai Accent | $17,690 |
| 6 | Hyundai Ioniq 5 | $39,700 | Kia Forte | $20,115 | Subaru Impreza | $19,790 |
| 7 | Kia Niro EV | $39,990 | Volkswagen Jetta | $21,990 | Kia Forte | $20,115 |
| 8 | Kia EV6 | $40,900 | Hyundai Elantra | $20,995 | Hyundai Venue | $20,245 |
| 9 | VW ID.4 | $41,230 | Toyota Corolla Hatchback | $23,040 | Kia Soul | $20,505 |
| 10 | Ford Mustang Mach-E Select AWD | $43,995 | Honda Civic | $26,365 | Nissan Sentra | $20,635 |
The cheapest EV available in the market is still $13,000 more than that of the cheapest gas or petrol vehicles. The upfront cost of EVs makes it more expensive than that of the ICE vehicles but according to other factors, EVs are cheaper than that ICE vehicles.
Fuel and maintenance cost
In the case of fossil fuels, there is a lot of difference and variability in rates and availability. Fossil fuel rates fluctuate on a daily basis sometimes it is normal while sometimes it is at its peak. Staying on ICE vehicles can cost dearly. Also, fossil fuel availability depends on the country’s economic conditions, internal and external affairs, cost of fossil fuels in the global market, etc. in that scenario the fuel cost of ICE vehicles is high. The recent conflict between Russia and Ukraine has very deep effect on fossil fuel costs. Due to war fossil fuel rate in the global market is too high. In contrast, electricity tariffs and power mostly remain constant. Fluctuation in electricity tariffs is normally low. And another factor is that fully charge EVs can give you more hourly per mile ride as compared to ICE vehicles which consume more fuel in order to make long rides.
If you are using power stations and other charge stations for your EV instead of charging the EV on house electricity will be costly but still, the yearly round cost is low. According to a consumer report study (2020), EVs consume 60 percent less fuel as compared to ICE vehicles. The electricity bills vary from city-to-city state to state and other factors like the way of production of electricity, its availability etc. If a person is a 240V outlet for EV charging it can cost some extra bugs on installation.
EV can increase your saving on a yearly basis when it comes to maintenance. ICE vehicle maintenance can cost you dearly as compared to EVs. In ICE vehicles you have to change brake oil, engine oil, as well as maintenance of Tyre, engine, rims, no spark plug replacement which can cost you around $1,600 per year (2019 Newyork report). While the EV per year Maintenace cost is around $204-$386 depends on the vehicle model in some this cost is about $949 annually. The EVs have fewer maintenance costs and can help you save some money and energy.
Incentives and rebates on electric vehicles
There are some incentives and rebates given by federal and states on electric vehicles. Due to incentives and rebates, it is good to go with electric vehicles. These incentives help in the reduction of the overall cost of electric vehicles. The incentives and rebates change over the course of time. It is important to keep a check on these incentives and rebates available for electric vehicles. The incentives and rebates for EVs are different for different countries and states. The incentives depend on the model and battery type of EVs. These incentives made it easy for the EV buyers Together with the falling cost and fewer maintenance costs to make a quick decision of EV buying.
Conclusion
according to the analysis answer to the question are electric Vehicles cheaper than fuel engines? Is yes. EVs are cheaper than fuel engine vehicles in every context. The fact about the high upfront cost of EVs when mixed with the low maintenance cost, low fuel cost, and other factors make it clear that overall EVs are cheaper than fossil fuel vehicles. Switching to EVs would be a good choice for the consumers looking for the answer to questions like are electric vehicles good for the long run? are electric vehicles cheaper than fuel engines?