Let’s talk about key differences

Power Source

An ICE vehicle lifts the fuel inside the cylinder with the help of a spark plug and pushes the piston. The piston then rotates the crankshaft. Unlike gas-powered vehicles, electric vehicles do not require internal combustion engines to operate.1 They are outfitted with an electric motor (or motors) and a rechargeable battery.

Maintenance Cost

EVs may require less frequent ongoing maintenance and may have lower routine maintenance costs than ICE vehicles. This is because all- electric motors have fewer moving parts than ICE engines, and they require fewer fluids, such as engine oil, that require regular monitoring and replenishing. Because EVs use regenerative braking, typically brake wear is also reduced.

Energy & Fuel Cost

With an EV, you won’t need to fill up your tank at the gas station, but you will need to charge your vehicle, which may increase your electric bill if you charge at home. When you charge, where you live, and what type of charger you use are all factors that will affect your electric bill. Electricity costs can vary significantly by region.^1,2

EV charging tips?

• Charging your EV overnight could help you save on charging costs¹
• Public charging stations may come with an associated cost, so home charging may be a more convenient option²
• The cost of charging your EV at a public charging station depends on the charge point network and location²

Insurance & Costs

Since EVs may be more expensive to buy and repair, insurance rates may be higher. That said, the potential savings on gas and tax incentives may offset the extra cost.³