Study: Electric SUVs & pickups provide higher savings than electric cars

Electric SUVs and electric pickup trucks may be costlier than electric cars, but they provide higher savings over ICE (Internal Combustion Engine) counterparts. That’s according a new study about electric vehicle ownership costs by Consumer Reports.

The study focuses on the various cost advantages of electric vehicles, including plug-in hybrid electric vehicles and battery electric vehicles. Key finding are that BEV and PHEV owners pay half as much as ICE owners for repair and maintenance due to the fact that there are far fewer components. What’s interesting is that the electric SUV/crossover and electric pickup truck provide a lot more savings compared to their ICE counterparts than electric cars.

Consumer Reports EV ownership cost 15,000 miles

An electric car, like a Nissan Leaf, for instance, could reduce the estimated fuel cost for 15,000 miles by $790 when switching from say a VW Golf. In the case of an electric SUV/crossover, like a Hyundai Kona for instance, that amount could be $1,020. An electric pickup truck could provide a much higher savings, of $1,310. These figures have been derived after factoring some charging using DC fast chargers, which tend to be relatively expensive.

It is significantly cheaper to charge and use a BEV and than refuel and use an ICE vehicle. The lifetime savings are higher in the case of SUVs/crossovers and even higher in the case of pickup trucks. Using an electric car can lead to savings of up to $8,500 over an ICE car after seven years of ownership. Similarly, an electric SUV/crossover and an electric pickup truck can reduce the cost by $11,200 and $14,500 respectively.

Consumer Reports EV ownership cost lifetime
The Ford F150 Electric pickup could offer the highest savings in the Ford lineup of electric vehicles as compared to gas-powered counterparts.

A conclusion is that the higher the vehicle segment and thus higher the price tag, more the savings compared to the ICE counterpart. Here savings could be the highest in upper-five-figure or six-figure EVs. Think of full-size EVs like the GMC Hummer EV SUT, the Lucid Gravity, the GMC Electric Hummer SUV, etc which compete with V6- or V8-engined frame SUVs and pickups.

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