EV Service Costs Lower Over Time

By Staff Writer October 29, 2021 407
The first Rivian RT1 rolling off the production line. Rivian offers mobile services for repairs to all its customers. The first Rivian RT1 rolling off the production line. Rivian offers mobile services for repairs to all its customers.

Service costs for electric cars and light trucks fall to 30% lower than their gasoline-powered counterparts after three years on the road, according to the DeepviewTrue Cost Second Owner Study, published this month by predictive analytics and data company We Predict.

Deepview True Cost SOS measures actual money spent by owners and manufacturers of 2018-model-year vehicles during their first three years on the road. The study reveals which brands and models across 24 segments – including electric vehicles (EVs) – have the lowest average service costs. Deepview True Cost service costs are based on the total money spent by manufacturers and vehicle owners on repairs, maintenance, service campaigns, diagnostics, software updates, recalls, and warranty on factory-installed options.

“The data bears out what many hoped would be true,” said James Davies, founder and CEO of We Predict. “While EV service costs are higher than their gas counterparts early in ownership, the cumulative service costs for EVs fall over time to 30% less than gas vehicles at three years on the road – primarily due to lower maintenance costs.”

  • At three months in service, EVs average service costs of $123; gas vehicles average $53. (EVs are 132% more)
  • At 1 year in service, EVs average $306 in service costs per vehicle; gas vehicles average $189. (EVs are 62% more)
  • At 36 months on the road, EV service costs average $514; gasoline vehicles average $749. (EVs are 31% less)

EVs have fewer mechanical parts than gasoline vehicles, contributing to 22% lower repair costs. The primary difference in cost, however, is maintenance. The average spent on maintenance per EV in the first three years is $77, significantly lower than the $228 average for gas vehicles.

Hyundai Corporation’s Kia and Hyundai brands rank first and second among non-premium brands for the lowest average actual service and warranty costs per vehicle in the first 36 months on the road at $369 and $381, respectively. Dodge ranks third at $420.

Among premium brands, Acura models have the lowest service and warranty costs with an average of $600. Lincoln models are second at $879, followed by Genesis at $1,181.

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Last modified on Sunday, 31 October 2021 19:44