It appears that currently BEV only have cheaper energy costs then a vehicle is run from the home and charged at home. On road trips, the energy cost of BEV is higher than an equivalent ICE vehicle:
Another cost which is significantly higher are insurance costs:
and for a comparable car, BEVs are on average around $661/year more expensive to insure.
There has been discussion in the EV industry that ICE and BEV ownership costs (all costs associated with owning a vehicle such as capital costs, insurance, running costs, road contributions/levies, energy costs, depreciation etc) would come into parity in 2025. The industry has revised this date and now have indicated that parity won’t occur before 2028.
There are some in the industry which have made public statements that BEVs will never be cheap.
Vehicle price and ongoing ownership costs is the most important decision making criterion used by many consumers. In the current environment of affordability, if one is considering buying a new/used vehicle, it is strongly suggested that they ‘do the numbers’ in relation to the costs of owning a vehicle and what best meets their financial circumstances.
