In the not-so-distant future, the world of IT will have undergone a seismic shift. Gone were the days of traditional employment, where companies hires full-time employees to fill specific roles. Instead, the gig economy had taken over, and IT professionals will be embracing the freedom and flexibility that cames with freelancing. Companies had caught on to the benefits of project-based hiring, where they could tap into a global talent pool and scale up or down as needed. Job postings floated online, and skilled freelancers would bid on projects that matches their expertise. Seasoned IT professionals, making the transition to freelancing in these years, builds reputations on these platforms like Toptal and Upwork, and their calendars will always be filled with exciting projects. Skilled IT engineers helps big compernies to launch their new products. Their projects, some complex, with tight deadlines, and the clients willing to pay top dollar for the ri...
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A new study breaks down vehicle ownership cost. Here’s how EVs fared
A new study from the US Department of Energy’s (DOE) Argonne National Laboratory offers the most comprehensive results yet of the costs of owning and operating different types of vehicles and how costs vary by powertrain.
The study is titled “Comprehensive Total Cost of Ownership Quantification for Vehicles with Different Size Classes and Powertrains.”
Argonne, Lawrence Berkeley National Laboratory, National Renewable Energy Laboratory, Oak Ridge National Laboratory, and Sandia National Laboratories collaborated on the study.
Factors considered
The researchers considered the following in order to calculate the total cost of ownership:
Vehicle purchase cost
Depreciation
Financing and fuel costs
Costs related to insurance (new)
Maintenance and repair (new)
Taxes and fees (new)
Mack electric garbage truck
The report covers the following vehicles:
Light-duty passenger vehicles: compact and midsize sedans, small and large sport utility vehicles, and pickup trucks
Medium- and heavy-duty commercial vehicles: semi-tractors; medium-duty vans and pickups; transit buses; box, utility aerial, and dump trucks; garbage trucks.
It also looked at the following powertrains:
Internal combustion engine
Hybrid electric vehicle
Plug-in hybrid electric vehicle
Fuel cell electric vehicle
Battery electric vehicle
Study findings (electric vehicles in bold)
The study found that the maintenance costs of battery electric vehicles are 40% lower than ICE vehicles.
Overall, hybrid electric vehicles currently tend to be the lowest-cost powertrain. However, battery electric vehicles will reach cost parity as battery prices drop, and hydrogen-powered fuel-cell electric vehicles will reach cost parity with conventional vehicles as the price of hydrogen drops.
David Gohlke, an energy and environmental analyst at Argonne and coauthor of the study, said:
There is uncertainty with how quickly these costs will drop, but the technology is trending in the right direction.
Other findings of note include the following, according to the Argonne National Laboratory (and electric vehicle findings are in bold):
Other findings of note include that cars depreciate faster than light trucks, and that older electric vehicles have a greater depreciation rate than newer electric vehicles.
Light-duty vehicle insurance costs are comparable for different powertrains, and vehicle size and vocation both affect incurred costs for medium/heavy-duty commercial vehicle insurance.
Light-duty vehicle taxes and fees are comparable across powertrain types and size classes, though marginally higher registration fees exist for alternative fuel vehicles in many states.
Many electric tractor trailers would be affected by additional battery weight, reducing the available payload capacity, and this cost can be substantial.
Electric vehicle charging for commercial vehicles can be time-consuming; if this charging is paid at an hourly rate, labor can cause this cost to dominate total cost of ownership.
Long-haul battery electric vehicle semi-tractors, which are the most expensive today due to their large batteries, will become the least expensive powertrain in 2035 as battery prices continue to drop.
For local delivery vehicles such as the Class 4 truck, the battery electric vehicle is the lowest cost option in 2025, the baseline year for the study’s modeling.
FTC: We use income earning auto affiliate links.More.
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Michelle Lewis is a writer and editor on Electrek and an editor on DroneDJ, 9to5Mac, and 9to5Google. She lives in St. Petersburg, Florida. She has previously worked for Fast Company, the Guardian, News Deeply, Time, and others. Message Michelle on Twitter or at michelle@9to5mac.com. Check out her personal blog.
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