Cost Comparison: EV vs ICE

Electric cars seem to depreciate a bit more than internal combustion engine (ICE) vehicles, due to rapid advances in technology. In the case of leasing an electric vehicle, the amount you pay is based on the expected depreciation rate. In the case of electric cars, in addition to benefiting from lower monthly payments, EV leasing is also a safe way to protect yourself against new technologies in the field. It's almost certain that EVs are more advanced at the end of a two-, three- or four-year lease. At the end of your contract, all you have to do is return the car and lease a brand new electric vehicle equipped with the latest technology.

Charging your car at home will also result in an increase in your electricity bill, but the magnitude of this increase will depend on factors such as when you charge and where you live. Electricity costs can vary greatly from region to region. Keep in mind that charging your car overnight can save you 30% on that charge. Public charging stations are usually more expensive than home charging. The cost of charging your electric car at a public charging point depends on the network of charging points and the location of the charging points. Many local authorities offer a pay-per-session approach for street chargers. The costs of public charging points also vary depending on the wattage.

Electric and electrified powertrains have lower maintenance and repair costs than internal combustion engine (ICE) powertrains for all vehicle sizes, relative to the price of the vehicle. Based on our TCO ratio , we can say that it is 11% lower. Electric cars have far fewer moving parts than internal combustion engines (ICEs), which means that the maintenance costs of electric cars are much lower than those of ICE vehicles. Despite this, they require regular maintenance that incurs costs, such as: tires and brakes, windshield, wiper blades and windshield washer fluid, repair or replacement of the battery (rare!), general wear and tear.

Drivers should be aware that because EVs run on batteries, tires also need to support the weight of the batteries. So, they need to have a solid construction and a tough tire compound to support such a weight. EV tires need to have a stronger sidewall and a sturdy compound (Nylon or heavier) to support the weight of the car's battery and components.

All vehicles are becoming more complex, including internal combustion engine vehicles, in terms of high-tech functions and much more sophisticated electronics, which are expensive to replace. Repair shops need to invest in new equipment and training to work on EVs. While internal combustion engine vehicles have more advanced driver assistance systems (ADAS), EVs really do come with these features and are expensive to replace. Battery packs make EVs heavier than similarly sized internal combustion engine vehicles. It also means that EVs are using more expensive, lightweight, and heavy-duty materials to try to offset the weight of the battery. These materials are expensive to replace.

In general, electric cars cost about 12% more to insure than internal combustion engine vehicles. Because electric vehicles are more expensive to buy and repair, insurers charge higher coverage. That said, the savings on gasoline and tax incentives can more than offset the additional cost.

There are two important levers of taxation on electric vehicles. The first concerns state aid for the purchase of a vehicle, which makes it possible to significantly reduce the capital to be financed. The second concerns the employee's taxation, which is halved compared to a combustion engine vehicle.