Maintenance of EVs is cheaper as compared to combustion engine vehicles: Study
It is well known that the upfront cost of an electric vehicle is higher as compared to a traditional vehicle but as per data released by a new study, the maintenance cost of an EV is much cheaper as compared to the average service costs of an internal combustion engine vehicle in the long run. However, the study points that it could be costlier to maintain an EV during the first year of ownership.
As per data released by We Predict, the owners of EVs in the US on an average spend $123 on service costs in the first three months of ownership and $306 in the first year of purchasing the EV. As compared to this, the owners of a new combustion engine vehicle typically spend $53 and $189 respectively.
However, maintenance of EVs become cheaper as time goes by, with owners spending $514 on an average on service costs for the first 36 months as compared to $749 for a combustion vehicle.
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The study surveyed more than 13 million vehicles across 400 models and based its results on 65 million service and repair orders, totalling more than $7.7 billion in parts and $9.5 billion in labor costs. The calculations made by the study factored in maintenance costs such as unplanned repairs, warranty and recalls, diagnostics, software updates, factory-installed options, and service campaigns, among others.
Separately, the study highlighted the vehicle maintenance costs in the US have been increasing. It reveals that manufacturers typically charge $731 for maintenance of 2018 model year vehicles over the first three years, which is an 11 per cent rise from the 2016 models. The repair costs also saw an increment of 4 per cent while maintenance costs jumped 11 per cent, and service campaigns spiked by 35 per cent.