It's not a surprise that generally EVs cost more than non-EV cars (new purchase). This is mostly due to the high cost of lithium-ion batteries and the extensive new safety enhancing technologies that are embedded in most EVs. The cost to manufacture and package lithium-ion batteries has been coming down and will continue to decrease as we find more cost-effective manufacturing approaches. Extensive research is underway by several car companies to discover new advances in battery technology to lower weight, lower manufacturing costs, and increase energy density.
Also, the cost of producing the entire vehicle will decrease over time as EV sales volumes continue to increase and reach a cost-effective level. Although this is true in the long run, currently a combination of increased demand and supply chain shortages is causing delivery delays and increased costs for EVs - this will hopefully subside in the near term.
It is the goal of car companies to offer EVs at a cost that is equivalent or less than comparably equipped ICE vehicles. I believe this will happen, just not sure when that parity will occur.
When shopping for an EV and comparing costs, in addition to manufacturers rebates and incentives, don't forget to research the federal and state tax credits and other incentives. These vary by vehicle and state, so some effort will be required, but some of these discounts can make a significant difference in total vehicle initial purchase cost.
It is possible to find locations that offer free EV charging. Most of these free offerings are at Level 2 charging speeds; however, there are some DC fast chargers that are free charging locations (but not many). Establishments that may offer free charging include your work, city parking facilities, restaurants, hotels, other municipalities, or from other establishments that believe in supporting EV expansion and perhaps help their business at the same time. If possible, take advantage of free charging locations.
The cost to charge your EV will vary greatly depending on the charging level and location. Generally though, it costs less to fill your "tank" with electricity than it does gasoline. So overall, you will be saving money in this cost category. For example when I charged my Bolt EUV at home after traveling 200 miles around town achieving an efficiency rating of approximately 4 miles/kWh (EPA rating), it will cost me $5.00 to replenish the battery to 100% (200 miles/4 mi/kWh=50 kWh times $0.10 per kWh). Compare that same distance driven in a similarly sized ICE car that gets an average of 25 miles per gallon (city) and the price of fuel at $4.00/gal. The total cost of gas would be $32.00 (approx. six times more than the cost of the Bolt EUV). These results will vary based on your overall efficiency and the ever changing cost of gasoline.
On longer trips the cost to charge your EV will be much more expensive (approximately $0.30 to $0.50 per kWh depending on providers and location). It's a good idea to investigate the cheapest options that meet your needs given your trip itinerary prior to embarking to make the trip as cost-effective as possible. Some providers, such as Electrify America, will reduce the cost if you subscribe for a small fee.
Check out "Charging Locations" tab for more information.
Other maintenance costs of an EV are also reduced because of the simplicity of their propulsion system. An EV contains no oil, spark plugs, or belts that need replacing. Brake usage is reduced through regenerative braking, so brake pads may never require replacement. Of course, there are some maintenance items found in both types of vehicles that will need attention such as rotating/replacing tires, replacing cabin air filters, wiper/washer maintenance, replacing cooling/heating fluids, and other general system maintenance, if needed.
Some states are implementing additional fees to register your EV. In our state of Idaho, the additional fees equate to approximately $140 per year. Check your state to determine if they are charging additional fees for EVs. Some states are doing this because EVs don't buy gasoline which includes state taxes which are used for maintaining the roadways. It's a bit of a bummer to have to pay the extra registration fees, but is understandable and I guess reasonable to keep the roads in good condition.
Also included in gasoline prices are federal taxes that are used to support the national highway system. The Federal Government is considering levying a per mile tax on EVs to make up for the lost gasoline tax revenue. Although not yet implemented, stay tuned to EV-Learn for the status of these proposals.
One of the primary factors that determines car insurance costs is the initial purchase price. This makes sense because if something happened to the car the cost to replace or fix it would be relative to its overall value. So, EV insurance costs may be a bit more expensive than an ICE vehicle, but in my experience not a lot more.
This cost is very difficult to determine this early in the transition to EVs. You can make an argument that depreciation will be higher because as technology changes motorists will want the latest and greatest and therefore even an EV 3-4 years old will have a lower resale value. However, the flip side of that argument is that as demand grows for EVs it will keep the resale values strong and therefore depreciation costs will be low. Tesla is experiencing just that. Time will tell how this works out.