Total cost of ownership of internal combustion engine and electric vehicles: A real-world comparison for the case of Thailand

Abstract

The transport sector accounts for massive global CO2 emissions. To achieve low-carbon transport systems, promoting electric vehicles (EVs) is a crucial strategy of worldwide countries. Since the current rapid growth of EVs, the total cost of ownership (TCO) of EVs has been studied among countries promoting EVs in their transport sector. This study presents TCO models of EVs compared to a conventional internal combustion engine (ICE) vehicle. The EVs considered in this study include a hybrid electric vehicle (HEV), a plug-in hybrid vehicle (PHEV), and a battery electric vehicle (BEV). The cost models consist of capital and operating costs, i.e., depreciation, maintenance, tax, insurance, loan interest, battery, and energy consumption costs. All data are obtained from real-world testing in Thailand. The TCO models are analyzed based on the average distance traveled, 20,000 km/year for over 15 years driving in urban areas. The results show that the TCO of ICE, HEV, PHEV, and BEV is 61.19, 54.94, 55.94, and 60.89 (1,000 USD), respectively. The lifetime TCO ratio for each holding year is also proposed. The HEV and PHEV seem to be suitable choices without any BEV support policies in Thailand. Additionally, using the TCO models and presenting as a 15-year lifetime TCO ratio, two case scenarios of different EV support policies are assumed, i.e., a government subsidy, or a retailer discount and battery price discount. Direct support towards the vehicles’ purchasing prices significantly decreases the TCO. The knowledge from this study could be helpful for consumers, manufacturer product planners, and government policymakers.