The annual cost of owning a new compact electric vehicle is only $600 more annually compared to traditional vehicles, according to research from AAA, after five years and 75,000 miles of driving.
AAA calculated costs using the same methodology it uses for the annual Your Driving Costs study. The overall cost of electric vehicle ownership is 8 percent higher annually, but other costs are lower.
On average, owners saved $949 annually on maintenance and repair costs and saved $709 on fuel by purchasing the electricity required to drive 15,000 miles annually.
AAA also found that there are consumer fears associated with electric vehicle ownership.
“Although 40 million Americans have shown interest in buying electric for their next car, actual adoption is happening at a much slower rate,” Greg Brannon, AAA’s director of Automotive Engineering and Industry Relations, said. “AAA wanted to understand what kind of impact the experience of owning an electric vehicle has on perception of these cars and maybe more importantly, if given the chance would consumers choose to go green again.”
AAA found 58 percent of Americans believe there are not enough places to charge electric vehicles, and 57 percent said they fear they will run out of charge while driving.