Is it safe to call EVs a "bargain" even though they cost much more than ICE cars?

Renault asks the above question and then elaborates by diving into which powertrain is truly the most cost-effective. The article is broken down with the main points that people should consider when trying to figure out the answer to these questions. Should you make the switch to an electric car? In the longer term, will an EV cost you extra or save you money.

There is a lot of "this and that" out there when it comes to EVs and whether or not the investment is financially viable. While some information is well-researched, keep in mind that there are mixed agendas involved, so it's hard to glean actual facts on the subject. Though Renault is a huge supporter and manufacturer of EVs -- often topping Euro EV sales -- it still has its hand in ICE vehicles, at least temporarily.

Based on the above information, we have to ask ... why would a company like Renault be surging forward with an eventual complete switch to electric vehicles? Let's take a look at what the automaker has shared.

Renault admits that it's a tough decision to forego the purchase of another ICE model and buy an electric car. When purchasing any car, regardless of powertrain, you have to consider performance, size, driving dynamics, comfort, design, etc. Today's EVs, unlike many of the past, do a much better job of being "normal" and having all these bases covered. Still, price is most often a more substantial factor for many people than all of the latter.

While many people are under the impression that EVs simply cost more, Renault explains that there are many factors that may make that thought process untrue. Moreover, as time progresses, electric cars will become even more affordable due to mass production and decreasing battery costs.

Tax incentives in Europe and beyond can help to offset the price of an electric car. In addition, there are other financial perks available in some areas like free charging, free parking, registration exemptions, etc.

It's hard to look at the long-term cost of a car rather than the sticker price. People are more willing to jump on that very low lease price or financing rate, as well as other incentives at the time of purchase. Figuring out what a car may cost over a number of years seems less important to many people than the bottom line monthly financial impact on their budget.

Renault says that driving electric saves some 20 percent over a comparable ICE car, mostly due to the reduced "fuel" costs. Additionally, many homeowners can set up a schedule to charge their cars when electricity costs are cheapest. It's not as if you can decide to gas up your ICE car in the wee hours of the night when gas prices are reduced. That's just not a reality.

Added to all of this is the reduced maintenance cost of owning an electric vehicle. As we've said before, there are less moving parts, fewer fluids, etc. Renault asserts that maintaining an EV costs about 25 percent less than that of an ICE vehicle.

In the end, the more you drive your electric car and the longer you own it, the more cost savings you'll enjoy. It's important to note that Renault points out that all of this still comes down to how you choose to drive your car. Energy use is still dependent on driving habits, the number of miles you travel per year, how long you plan to own the vehicle, and when and where you are "fueling up."

What do you think? Share your insight with us in the comments section below.

Source: Groupe Renault