EVs have lower running costs than internal combustion engine vehicles (ICEVs).
Fewer moving parts mean that EVs require less maintenance. With an EV you don’t need to replace filters and spark plugs, change oil, or repair the transmission, head gasket or engine. In 2018, maintenance and servicing savings of an EV were estimated at $300-400AUD/year.
Contrary to a popular myth EV batteries last as long as the lifetime of your car. Battery costs are continually falling. With current forecasts: today a 40 kilowatt (kW) battery (for example like that in a Nissan Leaf) would cost around $USD 8,000 to replace, but in 2030, the same battery is expected to cost $USD 2,800. Most vehicle manufacturers offer a 10-year or 160,000km warranty on batteries.
Another massive saving from EV ownership is fuel. Battery EVs don’t need any petrol or diesel and are charged with electricity. The average Australian drives 15,000km and spends around $2,160 on petrol per year ($0.14/km). An EV travelling 15,000km would cost around $600 per year ($0.04/km) in electricity costs.
If an EV user has a solar panel, charging is free!