tl;dr

I like to start just by sharing the results – if you read nothing more, read this.

• I have used the Hyundai Kona and Kona Electric as examples, since they are available with both powertrains. I have also assumed that you drive 15,000 miles per year, which is the average for U.S. drivers.

• Don’t consider an EV if you need to upgrade your electrical panel to support a Level 2 (220V/20A) charger. The costs may offset the cost of owning a gasoline car (it’s still unclear how long you will need to own an EV car to offset the carbon emissions that it costs to create it and its battery so that’s not considered here).

• If federal and state EV incentives go away, it likely won’t be worth it to own an electric vehicle.

Here’s what the cost of ownership looks like over 5 years.

Cost Item	EV (Kona Electric)	Gas (Kona)
Purchase Price	$35,295	$22,595
Federal Tax Credit	-$7,500	$0
State Tax Credit	-$2,500	$0
Maintenance	$1,830	$3,030
Electricity	$2,830 for power usage $1,700 for install	$0
Gasoline	$0	$12,830
Total Cost	$31,655	$38,455

Upgrading your electric panel: The only other edge case to consider is if you need to upgrade your electrical panel to support a Level 2 charger (you’d spend over 24 hours recharging on a basic 112V Level 1 charger). If this is your case, you’ll be spending about $5000 parts+labor to replace your panel which will put you at about $1000 less expensive than gas.

Cost of a replacement battery: Hyundai offers a lifetime warranty on their batteries in the US. So as long as you select a car with the same warranty, you won’t have any additional unexpected large costs (see the Electric Calculation section below for more details).

Gas Calculation

To calculate $6,285 for gasoline over 5 years, I used the following formula:

Gas cost = (Miles driven per year / Fuel efficiency) x Gas price x Years

For the miles driven per year, I used 15,000, which is the average for U.S. drivers. For the fuel efficiency, I used 28 mpg, which is the combined city/highway rating for the Hyundai Kona. For the gas price, I used the average gas price in Phoenix, AZ, which is $4.79 per gallon. For the years, I used 5.

Plugging these numbers into the formula (also this calculator), I got the same:

Gas cost = (15,000 miles per year / 28 mpg) x $4.79 x 5 years
Gas cost = $12,830.36

Electric Calculation

Annual mileage = 15,000 miles
Number of years = 5
Efficiency = 28 kWh/100 miles
Total electricity usage = (Annual mileage x Number of years) / Efficiency
Total electricity usage = (15,000 miles x 5 years) / (28 kWh/100 miles)
Total electricity usage = 21,000 kWh

According to the EPA, the Hyundai Kona electric has an efficiency of 120 MPGe (miles per gallon equivalent), which means it uses 28 kWh of electricity to travel 100 miles¹. Assuming you drive 15,000 miles per year for 5 years, that means you will use 21,000 kWh of electricity in total. The cost of electricity for a Hyundai Kona electric depends on the electricity rates in your area and the time of day you charge your vehicle. Using 13.478 ¢/kWh for the average cost in Phoenix, Arizona, the estimated cost of electricity for a Hyundai Kona electric that drives 15,000 miles per year over 5 years is $2,830.82. However, this cost may be lower or higher depending on your actual electricity rates and charging habits.

In terms of charging at your home, you’ll need to consider having a Level 2 charging station (costs of hardware and install already discussed above):

With a battery capacity of 64 kWh, charging a Hyundai Kona Electric at home from 20% to 80% can take up to 28:26 hours with a 1.9 kW level 1 charger, or between 01:56 to 03:52 hours with an 11-22 kW level 2 charging station. With fast charging at a public station, the vehicle can be charged in about 16 minutes.

Home Charging Stations

Cost of a replacement battery: A big variable for an EV is the battery: Since they have not been on the market that long, we have to hope they will last longer than 5 years. The high-voltage battery (not the smaller 12V one) is the main component of an electric vehicle and it usually has a long warranty period. For example, Hyundai offers a lifetime warranty for the high-voltage battery of the Kona electric in the US. However, if you need to replace it out of warranty, it can be very expensive. The cost of replacing a Hyundai Kona high-voltage battery is estimated to be upwards of $6,000-7,000. So again, pick a brand with a long warranty and you should be safe.

Double Check

After doing the math by myself, I went looking for a calculator and the first one that I found roughly matches what I calculated.

Maintenance Costs

The maintenance of an EV versus a gasoline car is generally simpler and cheaper, as EVs have fewer moving parts and fluids that need to be replaced or serviced. According to various studies (see Consumer Reports), EVs cost 30% to 50% less to service than gasoline cars over their lifetime. Some of the maintenance items that EVs do not require include:

• Oil changes
• Spark plugs
• Fuel filters
• Timing belts
• Exhaust systems
• Emissions tests

Some of the maintenance items that EVs do require include:

• Cabin air filters
• Brake pads
• Tires
• Suspension components
• Battery cooling system

The estimated cost savings of EV maintenance depend on the type, model, and usage of the vehicle, as well as the location and labor rates of the service provider. However, some studies have provided some average figures for comparison. For example, one study (Business Insider) found that EVs cost 6.1 cents per mile to maintain, compared to 10.1 cents per mile for combustion-engine vehicles.

Another study found that EV owners spend an average of $77 on maintenance per year, compared to $228 for gas vehicle owners.

A third study found that EV owners can save an average of $4,600 in repair and maintenance costs over the life of the vehicle compared with a gasoline-powered car.

That’s it – I’ve probably missed something, but ideally it’s benign and doesn’t impact the overall assessment. Gas and electricity prices will change over time, with no clear historical prediction yet. I don’t yet have an EV.