Wednesday, November 30, 2022
News EVs Have Above-Average Ownership Costs In First Three Months Of Operation

EVs Have Above-Average Ownership Costs In First Three Months Of Operation

A study has found that hybrids are the “cheapest” cars to run in the first three months of ownership

  • Honda ranks #1 with the lowest initial ownership costs among non-premium brands.

  • Acura also ranks high in low costs.

This analysis looks at early ownership costs per model and has found that Honda and Acura are the “least expensive” to run through the first three months of operation. Interestingly, luxury brands, on average, cost exactly twice as much as non-premium brands but the most revealing detail is that EVs have greater service and warranty costs for the first 90 days than ICEs and hybrids.

The study, published by We Predict, concludes by saying that vehicles that score well in the first 90 days of ownership tend to do well over time so these results may prove to be important in the new car buying process. We Predict amasses and analyzes real-world information on millions of vehicle repairs, maintenance, service campaigns and warranty actions, performed at U.S. franchised dealership and service centers.

2021 Honda CR-V Hybrid

“It’s basically everything that’s not the result of a collision,” said James Davies, CEO, and founder of We Predict, based in Ann Arbor, Mich., in a phone interview with Automotive News in advance of publishing the study Tuesday. “These are actual service interactions, not someone’s perceptions.”

The non-premium brand average costs are $42 for the period while premium brands average $84. Honda comes in at a very low $21 followed closely by Hyundai at $22. Acura and Lexus both average $30 in initial costs for the same period. Although Honda/Acura results are not surprising, the fact that the average cost per vehicle for EVs was $123 compared to $53 for ICEs, and $46 for hybrids certainly is.

The study by We Predict is thought-provoking and can be found here.

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Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai


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