Should You Rent an Electric Car for Your Next Vacation? Here’s How Much It Will Save You
Written by
Heather Altamirano
Edited by
Daria Uhlig
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Travel season is in full swing, which means many Americans are planning to take road trips in the next couple of months. If you’re one of them, you might be wondering if renting an electric vehicle would be cheaper than paying for gas, which averaged $3.45 per gallon on June 24, according to Statista.
But gas isn’t the only cost to consider. Here’s a look at the cost of renting an EV and whether it can save you money.
EVs Can Cost More To Rent
In addition to saving you money on gas, EVs are fun to drive and provide a guilt-free vacation by reducing your carbon footprint. However, rental fees are usually higher than fees for gas-powered vehicles, according to AAA. While the exact price of renting an EV depends on the make and model, an AAA membership or credit card rewards program can get you a nice discount.
EV Charging Costs
Before you hit the road, you should prepare for the cost of charging and how often you’ll need to charge.
“You can expect to pay around $0.05 per mile to charge your EV compared to $0.13 per mile to fuel your gas-powered car,” according to EnergySage. That amounts to about $40 in savings on a 500-mile trip with an EV. However, the charging cost depends on location, EV battery and electricity source, so it can be tricky to calculate accurately beforehand.
Gas vs. EV Price
There are more budget-friendly options for renting gas-powered cars, but gas prices can add up, as the following comparisons from EnergySage show.
- Compact Hatchbacks
- Nissan Leaf EV cost: 4.9 cents per mile
- Toyota Corolla hatchback gas cost: 9.4 cents per mile
- Average savings on a 500-mile trip: $22.50
- Compact Sedans
- Tesla Model 3 EV cost: 4.2 cents per mile
- Honda Civic LX gas cost: 9.4 cents per mile
- Average savings on a 500-mile trip: $26
- Mid-Size SUV
- Hyundai IONIQ 5 EV cost: 5.7 cents per mile
- Kia Telluride AWD gas cost: 14.9 cents per mile
- Average savings on a 500-mile trip: $46
EV Hidden Fees
While renting an EV can be cheaper because you don’t need to worry about filling up at a pricey gas station, there are hidden fees to be aware of.
One is charging fees. Budget Car Rental, for example, charges $35 if a returned EV has less than a 70% charge, Travelers United reported. Other companies have a 75% minimum and charge even higher fees.
Also, once your EV is charged, you must unplug it and move it away from the charger. If you become distracted or forget to do this, rental companies will charge you a hefty idle fee.
“Idle fees can run from $1.00-$1.50 per minute,” according to Travelers United. “That’s $60-$90 per hour if you accidentally fall asleep and are late to move your EV from the charger.”
Bottom Line
Renting an EV can save you money, especially if you’re driving a long distance. To help reduce the costs further, plan out your route ahead of time and check out apps like PlugShare for charging stations along the way.
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